Quote from Ndubuisi Ekekwe on July 2, 2019, 9:02 PM

U.S. Congress struck, telling Facebook to standstill on Libra project. I can tell you that nothing will change. Once Congress hears that Europe or China will do this, they will rush to ask Facebook to move fast. This is not really about Facebook but securing U.S. position in the new digital era. Facebook Libra will be fine. It is better the regulators give assent this early so that the noise can move to “past tense” as early as possible.

House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system.

Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee,hinted at a move like this last month shortly after the project was announced. Waters’s letter today, sent to Facebook’s CEO Mark Zuckerberg, Chief Operating Officer Sheryl Sandberg, and Calibra CEO David Marcus, formalizes that request from a few weeks ago. Aside from Waters, the letter is signed by House Finance’s subcommittee leaders.