Highsnobiety

The US House of Representatives' committee on financial services has penned a letter to Mark Zuckerberg requesting a halt to the development of Facebook's cryptocurrency, Libra, Forbes reports.

The letter comes in the wake of Facebook's less than shiny track record regarding security and data protection, and raises various concerns about Libra's potential disruption of the global economy.

“It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival US monetary policy and the dollar,” the committee wrote. “This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook's over 2 billion users, but also for investors, consumers, and the broader global economy.”

Elsewhere in the letter, issues such as regulation, exploitation, cybersecurity, hacking, and money laundering were raised: "Facebook is already in the hands of over a quarter of the world's population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action."

The letter ends, "Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail."

We Recommend
  • asics hal studios gel kayano 20
    Hal Studios Is Strapping Up Brand New ASICS
    • Sneakers
  • JAY-Z wears a tall black beanie and grey suit with white shirt at the mea culpa movie premiere
    JAY-Z’s Style Is So Good Rivals Beyoncé — In the Hat Department, at Least
    • Style
  • Hot Girls With IBS TIkTok Trend
    Why Do So Many Hot Girls Have Gut Issues?
    • Beauty
  • parks project
    Parks Project Is Saving Our National Parks, One Outdoorsy Collection at a Time
    • Style
    • sponsored
  • jordan 4 bred reimagined
    Actually, The Bred 4s Aren't Half Bad in Leather
    • Sneakers
  • Image on Highsnobiety
What To Read Next
  • Image on Highsnobiety
    Salomon’s Turning Recovery Slides Into Mary Janes
    • Sneakers
  • white sneakers
    White Sneakers Are a Staple and These Are Our Favorites
    • Style
  • Nike air max wallet
    This Ain't an Air Max Sneaker. It's Nike's Newest Accessory
    • Sneakers
  • nike air max day 2024 releases
    Nike Air Max Day 2024: Everything Air Lovers Need to Know
    • Sneakers
  • Yayoi Kusama x Louis Vuitton
    In an Era of Collaboration Saturation, How Do Brands Stand Out?
    • Style
  • END. x HOKA sneaker collaboration 2024.
    Can Anyone Stop HOKA?
    • Sneakers
*If you submitted your e-mail address and placed an order, we may use your e-mail address to inform you regularly about similar products without prior explicit consent. You can object to the use of your e-mail address for this purpose at any time without incurring any costs other than the transmission costs according to the basic tariffs. Each newsletter contains an unsubscribe link. Alternatively, you can object to receiving the newsletter at any time by sending an e-mail to info@highsnobiety.com

Web Accessibility Statement

Titel Media GmbH (Highsnobiety), is committed to facilitating and improving the accessibility and usability of its Website, www.highsnobiety.com. Titel Media GmbH strives to ensure that its Website services and content are accessible to persons with disabilities including users of screen reader technology. To accomplish this, Titel Media GmbH tests, remediates and maintains the Website in-line with the Web Content Accessibility Guidelines (WCAG), which also bring the Website into conformance with the Americans with Disabilities Act of 1990.

Disclaimer

Please be aware that our efforts to maintain accessibility and usability are ongoing. While we strive to make the Website as accessible as possible some issues can be encountered by different assistive technology as the range of assistive technology is wide and varied.

Contact Us

If, at any time, you have specific questions or concerns about the accessibility of any particular webpage on this Website, please contact us at accessibility@highsnobiety.com, +49 (0)30 235 908 500. If you do encounter an accessibility issue, please be sure to specify the web page and nature of the issue in your email and/or phone call, and we will make all reasonable efforts to make that page or the information contained therein accessible for you.