The news was announced by Emanuel Cleaver, II, congressman for Missouri’s fifth district, on Tuesday. Cleaver said he’d written into Financial Stability Oversight Council (FSOC), and the Office of economic Research (OFR) in Ones calling on the regulators at “proactively examine Libra in addition to Calibra for possible systemic risk. ”
The U. A playful. Department of the Treasury offers committed to monitoring the Facebook-led cryptocurrency project Libra.
Cleaver received a letter from back from the Treasury yesterday, confirming that there are multiple “unanswered questions” over Libra. The department said that such as Congress “continues to examine the best issues” it would “closely speaker this market to address any corporate gaps that it identifies. ”
The Treasury added:
“It is unclear been aware of U. S. and overseas regulators will have the ability to monitor my Libra market and ought to have corrective action, if necessary. Them concern must be addressed generally if the Libra is to launch. ”
From Facebook’s global reach, Cleaver argued it’s “absolutely critical” that the project be “stringently” examined to ensure the cryptocurrency “does not pose a systemic risk to the global usage rate. ”
Despite the fact that he applauded Facebook’s experiments to work with regulators on Libra concerns, Cleaver said it has “the potential to up grade – or upend : our financial system. ”
“As Facebook works down this regulatory line, it is imperative that we give permission that terror financing and after that money laundering is not high tech through Libra, and, consistent with FSOC, significant concerns linger, ” he concluded.
The announcement occurred a day before Facebook’s CEO Mark Zuckerberg is set to testify before the House to do with Representatives Financial Services Committee in Libra and other issues. A hearing is set for 13: 00 UTC today and they are viewed live here .