Housing Community Development and Insurance Subcommittee

Committee Democrats Call on Facebook to Halt Cryptocurrency Plans

“Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook’s digital wallet – storing potentially trillions of dollars without depository insurance– also may become unique targets for hackers. For example, during the first three quarters of 2018, hackers stole nearly $1 billion from cryptocurrency exchanges. The system could also provide an under-regulated platform for illicit activity and money laundering.”