Lawmakers Push Back Hard Against Facebook's Libra Cryptocurrency Plans
Congress raises serious national security and regulatory concerns over Facebook's proposed Libra cryptocurrency, with one lawmaker even comparing the project's risks to the 9/11 attacks.
Lawmakers on Capitol Hill express serious concerns about Facebook's plans to launch Libra, a new digital cryptocurrency. During recent hearings, politicians from both parties warn that the social media giant lacks the trust and regulatory framework to handle global financial transactions safely.
Representative Brad Sherman makes headlines by comparing the potential dangers of Libra to the 9/11 terrorist attacks. He argues that the cryptocurrency threatens national security by making it easier for bad actors to move money undetected, highlighting the deep skepticism facing the project in Washington.
Facebook executives attempt to reassure Congress by promising not to move forward with Libra until all regulatory concerns are fully addressed. However, the intense pushback signals that the company faces a long and difficult road ahead before Libra ever reaches consumers' digital wallets.