Risks Are Too Great to Allow Proposed Cryptocurrency to Proceed
WHAT: Public Citizen’s President Robert Weissman will testify at a Wednesday morning hearing held by the U.S. House Financial Services Committee on Facebook’s Libra. Earlier this month, Public Citizen led a coalition of 33 groups that urged Congress and regulators to impose a moratorium on Facebook’s proposed cryptocurrency.
Weissman will tell lawmakers that Facebook’s proposal raises profound questions about national sovereignty, corporate power, consumer protection, competition policy, monetary policy, privacy and more that federal, international and global regulators are not prepared to address. The risks posed by Facebook’s cryptocurrency are too great to allow the plan to proceed.
After the coalition sent its letter to Congress, Public Citizen had a Twitter exchange with the co-creator of the Libra project. You can see that here.
WHO: Robert Weissman, president, Public Citizen
WHEN: 10 a.m. EDT, Wednesday, July 17
WHERE: 2128 Rayburn House Office Building
45 Independence Ave. SW, Washington, D.C.