Today, MPs of the US House of Representatives of Financial Services meet to discuss the possible implications of the Facebook cryptoLink project on the financial system.
As rapporteur for Cointelegraph reported on July 17, Repine Commission Chairman Maxine Waters opened the hearing with Facebook's past accusations. In his statement, Waters said there was "a demonstrated pattern of inability to keep consumer data on a personal scale similar to Equifax." "Which has obviously influenced the US presidential elections in 2016.
Waters also stressed that the commission would discuss the" Trending Finance Techniques Act. "Recently, a draft bill came out that would prevent major technology companies such as Facebook to create their own digital assets The project reads:
A large platform can not create, maintain or operate a digital asset that is intended to be widely used as a means of exchange, unit of account, stock value or other a similar function as defined by the Federal Reserve's Governing Council. "
Today's hearing in the House of Representatives follows one in the Senate, where MEPs gathered Facebook David Marcus in respect of Libra.At the background of safety issues, and consumer protection, Marcus stressed that the Libra project will seek appropriate approval and registration with relevant authorities, including the US Financial Crimes Implementation Network.