Rep. Maxine Waters Confirms Extended Facebook’s Libra And Calibra Review After Switzerland Trip

In a recent press release by the Financial Services Committee, Congresswoman Maxine Waters (D-CA) announced that her firm will continue investigating Facebook’s cryptocurrency, Libra.

Waters revealed this information while discussing what they’ll be doing in the Fall of this year. The goal is to get opinions not only from representatives but from regulators as well. Naming the following members, she said:

“Treasury Secretary Mnuchin, Consumer Financial Protection Bureau Director Kraninger, Federal Housing Finance Agency Director Calabria and Federal Reserve Vice Chairman Quarles.”

Earlier she had asked the social media giants to stop their progress on the development of their stablecoin.

“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 28 members of the Association (including Facebook), who are called ‘the founding members’, including large and smaller names across industries, including payments, telecommunications, blockchain, venture capital, etc., such as Visa, Mastercard, PayPal, eBay, Uber, Spotify, and others – all who have to invest a minimum of USD 10 million in the venture.

She had earlier asked David Marcus, the head of Libra to:

“Will you stop dancing around this question and commit here in this committee … to a moratorium until Congress enacts an appropriate legal framework to ensure that Libra and Calibra do what you claim it will do?”