6/19, 4:03 AM (Source: TeleTrader)
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US lawmakers push back against Facebook's Project Libra

Multiple United States lawmakers pushed back against Facebook Inc.'s blockchain-powered digital coin Libra after its unveiling, asking for a delay in its launch. Democratic congresswoman and House Financial Services Committee Chairwoman Maxine Waters (pictured) urged the company to halt its plans until regulators investigate it for potential risks.

Her statement was made shortly after the top Republican member of the same committee asked Waters to assess Project Libra's "potential unprecedented impact on the global financial system." Other legislators, such as Democratic Senator from Ohio Sherrod Brown stated that Facebook is already "too big and too powerful," adding that the social media giant has a history of "exploiting users' data without protecting their privacy."

Earlier, Facebook said that its cryptocoin Libra and the accompanying digital wallet Calibra will be launched by 2020. Purportedly, the system will be integrated across existing Facebook platforms, such as Messenger and WhatsApp.

Breaking the News / MA