Immediately after Facebook announced Libra, its crypto, blockchain, along with the Calibra blockchain wallet, the US Congress immediately called for a hearing for Facebook to explain it. The hearing is scheduled this July. You'll wonder if the Congress is already sitting on their report because right after the Libra announcement, the call for hearings immediately began.
Today, the attack against Libra is doubled down as the US House Financial Services Committee calls for Facebook to halt its development of the Libra blockchain.
According to Rep. Maxine Waters who appeared on CNBC, Facebook "must stop what they are doing" until they (the government) "can get a handle on it". She also said this is to protect customers. Furthermore, she exclaimed that the government should not allow Facebook and every founding member of the Libra Association to go to Switzerland and compete with the dollar.
Rep. Waters cited other concerns with Facebook including privacy violations concerning consumer data.
Facebook, for its part, said it will attend the Senate Hearing this July 16, 2019. Facebook Blockchain Head David Marcus will testify.
A question for the readers: Do you think the development of the Libra blockchain should be stopped until the government makes sense of what it is?