Maxine Waters blasts Facebook’s cryptocurrency

House Financial Services Committee chair Maxine Waters (D-California) could have lastly discovered one thing she opposes greater than President Donald Trump: Libra, the proposed new Facebook cryptocurrency she says threatens the greenback.

Waters is demanding that Facebook cease its cryptocurrency challenge without delay, promising that regulators will transfer “aggressively” to take care of the problem. She informed CNBC’s ‘Closing Bell’ on Thursday that she meant to place the brand new digital medium of trade below intense scrutiny.

“We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Waters mentioned. “I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”

We’ve obtained to guard our customers. We simply can’t enable them to go to Switzerland with all of its associates and start to compete with the greenback.

The congresswoman mentioned a particular regulatory physique was wanted to supervise social media companies like Facebook, and in contrast the corporate’s foreign money challenge to “starting a bank without having to go through any steps to do it.”

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