National News

Waters to Facebook: Today’s Hearing is Only the First Step in Our Oversight and Legislative Process

Facebook has proposed backing Libra tokens with government currencies and government guaranteed securities, and holding them in a so-called Libra Reserve, to be governed by Facebook and its partners. Ownership of government assets on such a massive scale without proper oversight threatens to concentrate government influence in the hands of a few elites. Ultimately, if Facebook’s plans come to fruition, the company and its partners will wield immense economic power that could destabilize currencies and governments. […]