US Treasury Takes A Special Interest In Libra Stablecoin Following Missouri Congressman's Request

Rep Emanuel Cleaver II, writers to the Financial Stability Oversight Council (FSOC) in a plea for the Department of U.S. Treasury to closely monitor Facebook led Libra payment system due to its ability to disrupt the financial industry.

Libra will be closely monitored by the U.S treasury confirms a letter written to Missouri’s fifth district Congressman, Emanuel Cleaver. This was made public on Cleaver’s website noting he had earlier written to various bodies seeking them to keenly watch Libra’s activities.

The Congressman had voiced concerns that Libra might disrupt the world’s monetary system if not kept under the watch radar of authorities like Financial Stability Oversight Council. This prompted a response from the U.S Treasury which acknowledged the systemic risk posed by Libra and the probability of it being past the regulatory scopes of most financial market authorities as of press date.

Libra has been in turn forced to postpone its token launch following an uproar by regulators across the board. The project is now addressing its shortcomings within regulation to fit a description that will impress watch dogs particularly the United States Congress. One of the main issues that Cleaver noted was Facebook’s major involvement in the project; the Congressman said the Tech giant has very big active client base whose reaction would cause a shift in existing ecosystems.

This comes a day after Facebook’s, Mark Zuckerberg, appeared before the Financial Services Committee. He was put to task when asked to commit that Libra will not be a money laundering or terror financing avenue. The Facebook CEO gave the House his word that they will keep Libra within digital wallets that are highly KYC and AML compliant although he wasn’t speaking for the whole Calibra Association.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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