Lawmakers, regulatory bodies, and economic experts are seriously challenging Facebook as it prepares to launch its new digital currency. Libra cryptocurrency.
As scrutiny builds up, there's been a lot of conjecture inside and outside of the crypto space about how Facebook might respond.
David Marcus, heading Facebook’s blockchain division, has indicated that the tech giant is standing firm and acting in good faith regarding Libra. committed to tackling the concerns There’s no shortage of questions that Marcus, and Facebook at large, will have to address as Libra continues to face intense scrutiny.
Answers Are Being Demanded in the U.S.
U.S. congressional leaders, particularly on Capitol Hill, are scrutinizing Facebook’s plans to roll out Libra.
On July 2nd, Representative Maxine Waters, the head of the House Financial Services Committee, joined forces with colleagues to publishing a letter request that Facebook halts development on Libra until further hearings can be held by Congress on what the digital currency might entail.
Maxine Waters, along with her democratic peers, is urging Facebook to immediately suspend its work on Libra. https://t.co/mdlkCOuiCq pic.twitter.com/frZKYw5rHU
— Nathaniel Popper (@nathanielpopper) July 2, 2019
“These kinds of services, unless properly regulated, could pose systemic risks that might threaten both U.S. and global financial stability,” their letter sharply noted.
Concerns about Libra have been voiced within the House of Representatives following the Senate’s top banking committee recent announcement that they would be holding hearings, focusing heavily on the privacy aspects of Libra.
Public Citizen, a U.S. group advocating for privacy, also issued a call for a pause on Libra until all pressing questions are fully addressed. block Libra Even Nobel laureate Joseph Stiglitz brought attention to this, suggesting that trusting Facebook with financial matters is akin to folly.
The Financial Conduct Authority in the U.K. signaled that Facebook’s Libra project won’t proceed unchecked before it is thoroughly examined. chimed in on Libra At a Cambridge conference, FCA’s executive Woolard pointed out
Regulators worldwide are closely examining the implications and potential impacts of Libra.
that although Silicon Valley has long thrived on a ‘move fast and break things’ approach, these financial matters require more caution and depth.
In Japan, sources within the Bank of Japan have anonymously shared their reservations concerning how to regulate Libra effectively. wasn’t going to simply roll over Singapore's Monetary Authority has reportedly voiced its worries to Facebook about the potential repercussions of launching the upcoming token.
To counter the rising criticism, David Marcus published a response advocating that Libra's structure ensures decentralization and security.
David Marcus took to Facebook to clarify misconceptions and address the rising skepticism that has arisen since the Libra initiative was disclosed two weeks back. are worried Marcus emphasized that Facebook won't have control over the currency or its reserve, with Calibra operating independently of any financial oversight by Facebook.
In response, Facebook demonstrates its commitment to working alongside global regulators, as reiterated by Marcus, to address their concerns over the months ahead.
David Marcus is taking the lead at Facebook’s blockchain unit as he responds to concerns being raised.
William M. Peaster specializes in writing and editing about cryptocurrencies like Ethereum, Bitcoin, and others. He has been featured on several platforms and is learning Solidity.
Dojima Network is laying the groundwork for a truly connected and interoperable Web3 ecosystem. https://t.co/s5FEbaxAMR
— Nathaniel Popper (@nathanielpopper) July 3, 2019
Therein, Marcus wrote:
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