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Maxine Waters blasts Facebook’s cryptocurrency

House Financial Services Committee chair Maxine Waters (D-California) may have finally found something she opposes more than President Donald Trump: Libra, the proposed new Facebook cryptocurrency she says threatens the dollar.

Waters is demanding that Facebook stop its cryptocurrency project at once, promising that regulators will move “aggressively” to deal with the issue. She told CNBC’s ‘Closing Bell’ on Thursday that she intended to put the new electronic medium of exchange under intense scrutiny.

“We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Waters said. “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 got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar.

The congresswoman said a special regulatory body was needed to oversee social media firms like Facebook, and compared the company’s currency project to “starting a bank without having to go through any steps to do it.”

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