Advocacy Groups Call on Congress to Stop Libra Development Until July Hearings Take Place

Over 30 advocacy groups have appeared as signatories on a request that Congress and regulators implement an official moratorium on Libra development, as per the letter published on July 2.The letter was also addressed to Facebook, with Mark Zuckerberg himself cc'd, and asked that the social media giant wait until Congress and regulators have scrutinized a detailed presentation of the proposed stablecoin-esque virtual currency.

"The plan for Libra makes explicit and implicit promises to consumers - such as the claim that value will remain stable - but what is to stop the Libra Association from changing policy in order to, for example, degrade the value of Libra or to impose a microtax on every Libra transaction?".

"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action."

"I think given all the problems that Facebook has had with policing their platform and things like that, I think that the strategic move for Facebook would actually be to build public infrastructure. The people that made the internet aren't responsible for everything that's said on the internet."