House Financial Services Committee To Continue Libra Review

The House Financial Services Committee along with the official representative and chair Maxine Waters have decided to continue the review of the upcoming cryptocurrency issued by Facebook, Libra. In the latest cryptocurrency news, we feature the official statement of the committee about Libra and the associated digital wallet named Calibra.

As Waters noted, the committee’s priorities include a continuation of the review on Libra. The statement shows that they plan to receive the testimony and opinions from governmental officials as well as regulators.

Specifically, the list prepared by the House Financial Services Committee includes the Treasury Secretary Mnuchin, as well as the Consumer Financial Protection Bureau Director Kraninger, Federal Housing Finance Agency Director Calabria and the Federal Reserve Vice Chairman Quarles.

Previously this year, many best cryptocurrency news sites featured Maxine Waters noting that the committee will halt the work on Libra in the middle of June. As she said then:

“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 coming altcoin news showed that Maxine Waters also expressed her concerns regarding the altcoin Libra and the past congressional hearings in July. She also noted that Facebook has a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax” and that the company already “allowed malicious Russian state actors to purchase and target ads” to — purportedly — influence the presidential elections in the country in 2016.

One of the federal officials from the House Financial Services Committee, Steven Mnuchin, has vocalized his anti-Bitcoin (BTC) and anti crypto sentiments recently. He argued that BTC is used for money laundering more than cash and stated that cryptocurrency has financed a variety of crime with billions of dollars.

“Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware, illicit drugs, human trafficking […] This is indeed a national security issue,” Mnuchin noted.

The market today is in the red zone again, but Bitcoin is still above $10,000 as most of the top 20 coins are bleeding.