The Libra investigation is going with full force, it seems. Back in July 2019, the Financial Services Committee declared how serious the investigation for the Facebook’s project is going to be. One member of the FSC that stood out with serious determination to do the job was Maxine Waters. The Congresswoman accentuated that, according to her, Facebook’s project is a matter of national security and should be investigated heavily.
The most serious issue, however, is that Libra can actually rival the US dollar and the US is concerned with the impact on monetary policy of the country. Waters even travelled to Switzerland, as the Swiss government offered to regulate Libra under their own jurisdiction.
According to FX Street, this is what Waters said regarding the offer:
While I appreciate the time that the Swiss government officials took to meet with us, my concerns remain with allowing a large tech company to create a privately controlled, alternative global currency.
Waters has confirmed that her investigation on the Facebook project is still on. She is looking forward to speak with more representatives and regulators, including: Federal Housing Finance Agency Director Calabria, Treasury Secretary Mnuchin, Federal Reserve Vice Chairman Quarles, etc.
Maxine Waters asked Facebook to put the project under moratorium until the full investigation is over. The US government is still doing its best to better understand and fight the potential issues with Facebook’s Libra.