Earlier this week, the US House of Representatives Committee on Financial Services led by Maxine Walters sent a message to Facebook founder, Mark Zuckerberg asking that his company immediately stops development of their cryptocurrency, Libra that has been in development.
But it doesn’t look like the company has any plans to do that as it has simply responded that: “We look forward to working with lawmakers as this process moves forward, including answering their questions at the upcoming House Financial Services and Senate Banking Committee hearings.”
Cryptocurrencies are not new. They have been around for a long time now with 50 Cent as one of the early celebrity adopters by the way. All this while, it has gathered momentum gradually with many individuals creating their own cryptos but now, the US apparently feels threatened by it.
A statement said that they feared that a currency headquartered in Switzerland would undermine the US financial services and were calling on Facebook to halt development on Libra while they familiarised themselves with what it entailed.
The statement read in part that: “These products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar.”
As it stands, with the letter to halt Libra and Facebook’s apparent unwillingness to do that, we may be about to witness a shift and who better to take on the government on this than Mark Zuckerberg with his army of lawyers and crypto owners and investors will be happy it’s happening now.