• Fri, 15 Nov 2019, 02:56 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project

Image Credit: Official White House Photo by Lawrence Jackson

Fri, 19 Jul 2019, 07:34 am UTC

An antitrust advocacy group has called on all the 28 member companies of Facebook’s cryptocurrency initiative to drop the Libra project.

We call upon you as respected members of the business, financial technology, and civil society communities to collectively withdraw from the project,” the open letter signed by Open Markets Institute, Public Citizen, Demand Progress Education Fund, and Revolving Door Project said.

Although the consumer advocates lauded Libra’s goal to offer financial services to the 1.7 billion underbanked people globally, they warned that this ostensible purpose “should not be cheapened with a project whose aims are in fact unclear and whose leadership structure is based on fear.

Citing Senator Brian Schatz (D-HI) during the Senate hearing, the letter pointed out how even Libra Association partners, including Spotify, Mastercard, Visa, and Uber, have “grave” concerns and similar questions over the Libra project.

Members of the consortium actually have lots of questions too… they have great reservations about moving forward but they don’t want to be left out because of Facebook’s market power,” the advocates quoted Sen. Schatz.

The advocates concluded the letter reiterating its plea for the Libra partners and urging them not to be frightened by Facebook’s power.

We understand that Facebook is a powerful company, and that it has in part generated a climate of fear with its market dominance. But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation, and not intimidation by the powerful.”

Earlier this month, consumer watchdogs have also written a letter asking the U.S. Congress to impose a moratorium on the Libra project until profound questions about the proposal are properly addressed. The open letter with 30 signatories listed thorough questions on how Libra will impact governance, national sovereignty, law enforcement, and competition and systemic risk.

Meanwhile, the news follows after a Group of Seven (G7) taskforce warned that cryptocurrencies including Libra posed a threat to global financial stability and that they should be held “to the highest regulatory standards.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,623.00 (-1.92%)
  • Ethereum (ETH) $184.56 (-1.74%)
  • XRP (XRP) $0.267600 (-1.96%)
  • Bitcoin Cash (BCH) $275.02 (-3.64%)
  • Litecoin (LTC) $59.35 (-2.71%)
  • Bitcoin (BTC) $8,623.00 (-1.92%)
Nov 14, 2019 (Thursday)
12:14
Amun AG launches Tezos ETP on Swiss SIX Exchange; makes available 7 crypto ETPs on Boerse Stuttgart
11:38
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:37
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:59
Samsung SDS integrates QEDIT’s private asset transfer solution with Nexledger blockchain
10:46
Crypto Technicals: BTG/USD slips lower to test 4H 200 SMA, break below to see more downside
10:11
ASX-listed firm DigitalX launched new bitcoin fund
09:23
Telegram denies all SEC allegations concerning its gram token and sale
08:23
Crypto Technicals: XMR/USD pauses shy of 110-EMA (67.251), break above to fuel more gains
07:17
AFME calls for a common approach for regulation of crypto-assets in Europe
06:49
Crypto Technicals: XRP/USD edges higher from fresh 3-week lows at 0.2565, bias strongly bearish
06:21
Chinese bitcoin mining giant Canaan seeks to raise $100M in US IPO
05:20
Crypto Technicals: LTC/USD breaks below 21-EMA, eyes 50-DMA at 57.28
05:19
Crypto data provider Messari raises $4M from Uncork Capital, Coinbase Ventures and others
04:35
Crypto wallet startup Bitski secures $1.8M from Winklevoss Capital, Coinbase and others
04:06
Crypto Technicals: BTC/USD confined to narrow range trade, 5-DMA caps upside at 8814
Nov 13, 2019 (Wednesday)
13:19
CME sets January 13 as target date for bitcoin options launch
12:25
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:25
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:17
HSBC, SGX, Temasek explore DLT for end-to-end digitalization of fixed income securities
11:18
Crypto Technicals: LTC/USD trade rangebound, holds support at 21-EMA (60.12)
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft