FOR IMMEDIATE RELEASE
CONTACT: Maria Langholz
Maria@demandprogress.org, (715) 209-6463
Statement on Facebook’s Scaling of Cryptocurrency Efforts
WASHINGTON — Following reports that Facebook is scaling up its cryptocurrency efforts with the launch of a pilot of its cryptocurrency wallet “Novi”, Demand Progress Education Fund and Americans for Financial Reform Education Fund released the following joint statement:
“Facebook has demonstrated time and again that it is willing to flout laws related to user privacy, is under scrutiny for potentially having engaged in illegal acquisitions of rivals, and was just forced to shut down efforts to expand Instagram to kids. Perhaps the only thing more concerning than Facebook operating with impunity in these spaces, where authorities are actively working to rein them in, is a potential incursion into the crypto space — which is just now beginning to come under serious scrutiny by regulators. We urge relevant regulators and lawmakers with jurisdiction over banking, consumer protection, and antitrust to intervene to put this project on hold.”
Demand Progress Education Fund and Americans for Financial Reform Education Fund released a Libra Black Paper laying out some of the ways the regulatory state can push back against these efforts from Facebook.