REPORT: Facebook official responds to Maxine Waters on cryptocurrency project

JULY 9, 2019

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by TheHill.com:

David Marcus, the head of Facebook’s new cryptocurrency project, Libra, assured Rep. Maxine Waters (D-Calif.) that the company is “taking the time to do this right” after a group of Democratic lawmakers, including Waters, called for Facebook to halt its plans.

In a letter to Waters and other top members of the House Financial Services Committee, Marcus defended Libra’s mission and vowed to answer policymakers’ “important questions,” according to a copy of the letter obtained by The Hill on Tuesday ahead of planned hearings on the issue.

The article goes on to state the following:

“I want to give you my personal assurance that we are committed to taking the time to do this right,” Marcus wrote.

The letter, dated July 3, is addressed to the group of Democratic lawmakers who last week called for a moratorium on Facebook’s Libra project. The House Financial Services Committee members, including Democratic Reps. Carolyn Maloney (N.Y.), Wm. Lacy Clay (Mo.), Al Green (Texas) and Stephen Lynch (Mass.) as well as Waters, panned Facebook’s history of privacy scandals and the potential for its new cryptocurrency to attract hackers.

Their letter called for Facebook to “cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” saying a failure to do so “risks a new Swiss-based financial system that is too big to fail.”

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