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Do Congress Hold the Power to Pause Libra Coin?
Facebook’s cryptocurrency only got officially announced this week but it is already being targeted by authorities for an examination of risks to the global economy.
Facebook has done their best to accommodate the concerns of lawmakers but it isn’t yet clear as to whether they will be willing to put the development on pause to allow Congress to investigate the viability of this kind of service. This isn’t clear order from the House of Representatives so Facebook doesn’t need to follow any directives but a wise thing for the social network to do would be to meet Congress halfway. Given Facebook’s legal issues over the years, this would help gain some traction with the lawmakers.
“The concerns stem from Facebook’s growing dominance over data collection and social media. Their entry into payments may spell disaster for the traditional remittance market by allowing users across the globe to seamlessly exchange value with their cryptocurrency.”
Maybe in another time, people could have speculated upon is one in which Facebook dominates the payment space and continues their autocratic data collection and privacy infringement. But when you consider the size and foothold Facebook have in the world, governments will be incapable of curbing their monopoly.
The chair for the House Financial Services Committee, Maxine Waters has said:
“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
The doubts Congress hold over Facebook’s Libra coin are very valid in all fairness. But if Facebook registers as a money service firm and attains all the needed licenses, their actions would be in line with the legal system.
The social network has surely looked into the risks of offering a developed product in a way that increases their chance for regulatory acceptance.
