Currently, there are many crypto concerns for the United States lawmakers – who are still concerned over the future of the proposed cryptocurrency project for Facebook, Libra.
The latest cryptocurrency news feature an official statement from the Representative Maxine Waters published on August 25 showed, there was a meeting between the U.S. House of Representatives Financial Services Committee members and regulatory agencies and lawmakers. The meeting included the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner, and the Financial Market Supervisory Authority.
While Max Keiser tweeted and ignited a Bitcoin bull run, the representatives (as mentioned above) are what matters to the BTC market right now. They aimed to clarify how various Swiss authorities would regulate Libra as well as learn more about the status and magnitude of the project.
“While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency,” Waters said about the meetings.
During the series of congressional hearings in mid-July, the vice president of messaging products at Facebook and co-creator of Libra, David Marcus, noted that Switzerland was a good regulatory fit for the goals of the project. Still, a lot of US lawmakers were not convinced and voiced their concerns that Facebook would locate to Switzerland in order to avoid legal scrutiny in a move of regulatory arbitrage.
On the other hand, many best cryptocurrency news sites predict a bright future for Libra. Waters confirmed that the Congress would continue to investigate Libra and further review things – even with the crypto concerns by US lawmakers.
Another thing worth mentioning in the altcoin news about Libra is the fact that Waters has been especially critical of the stablecoin, given Facebook’s past behavior regarding user data and privacy issues. She said that the social media giant has a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.”
Right after Facebook introduced a white paper for Libra earlier this year, the crypto concerns were born and Waters requested that Facebook should halt its development. To this end, Marcus (from Facebook) said that the social media giant would commit to delaying the launch of the proposed stablecoin until the concerns had been addressed.
G7 Says ‘Global Stablecoins’ Are A Threat To Financial Stability
"The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed. [...] Addressing such risks is not necessarily a guarantee of regulatory approval for a stablecoin arrangement."The G7 also says that global stablecoins with the potential to scale rapidly are the ones that could stir up the competition and threaten the financial stability if users lose confidence in the coin. The report will purportedly be presented to finance ministers at an annual meeting of the International Monetary Fund this week.The BBC features that G7 says that while the report does not single out Facebook's Libra stablecoin project - it could spell further trouble for the already beleaguered proposed payments system, the Libra news show.On the other hand, we have global regulators that are increasingly leaning on the project. The Bank of England (BoE) recently established provisions with which it must comply before it can be issued in the United Kingdom.The CEO of Facebook, Mark Zuckerberg, will testify before the United States House of Representatives Financial Services Committee about Libra this month. Earlier this year, the committee drafted its “Keep Big Tech out of Finance Act.”While G7 says that stablecoins like Libra are a threat to the financial system, it seems like the backers behind Libra are on the same page. If you followed our previous news, you probably know that on October 4, the major payments network PayPal withdrew from the organization - later followed by Visa, Mastercard, Stripe and eBay.Furthermore, we saw Finco Services of Delaware initiating a lawsuit against Facebook and alleging trademark infringement, unfair competition, and “false designation of origin” regarding the use of the Libra logo.
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Facebook Libra Association Is Crumbling As Key Players Exit
“Visa has decided not to join the Libra Association at this time. We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations.”Silly or not, the exits from the Facebook Libra Associations leave the upcoming stablecoin with no major US payment processor which is a serious issue for the fledgling project. This also tops up the news that PayPal officially withdrew from Libra a week ago.The first official meeting of the Libra Council is in just two days from now - scheduled for October 14th in Geneva. On this meeting, it is expected for Libra to review all the members involved and ditch the recent departures, focusing on the bright side of the upcoming project.
“We highly respect the vision of the Facebook Libra Association,” eBay said in a statement when withdrawing from the Association. “However, eBay has made the decision to not move forward as a founding member. At this time, we are focused on rolling out eBay’s managed payments experience for our customers.”Stripe also gave a similar explanation for its withdrawal from Libra, stating that while they are "supportive of projects that aim to make online commerce more accessible for people," the company will "remain open to working with Libra at a later stage."All of these diplomatic answers made Libra also get out in the open. The policy chief at the company named Dante Disparte thanked the companies for their ongoing support and said:
“We are focused on moving forward and continuing to build a strong association of some of the world’s leading enterprises, social impact organizations and other stakeholders. We look forward to the inaugural Libra Association Council meeting in just 3 days and announcing the initial members of the Libra Association.”Facebook Libra is expected to launch in 2020.
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“We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities.”
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