Over 30 advocacy teams have appeared as signatories on a request that Congress and regulators implement an official moratorium on Libra development, as per the letter printed on July 2.

The letter was additionally addressed to Facebook, with Mark Zuckerberg himself cc’d, and asked that the social media giant wait till Congress and regulators have scrutinized a close presentation of the proposed stablecoin-esque virtual currency.

The letter includes variety of questions that the signatories say need answers before Libra will proceed, as well as the following:

“The plan for Libra makes explicit and implicit guarantees to customers – like the claim that value can stay stable – however what's to prevent the Libra Association from changing policy so as to, for instance, degrade the worth of Libra or to impose a microtax on each Libra transaction?”

Facebook’s congressional hearings on Libra are presently scheduled for July 16 and July 17.

Chairwoman Maxine Waters, who declared the Libra hearing on July 17 by The U.S. House monetary Services Committee, entailed a moratorium on Libra development as way back as June 18, saying:

“Given the company’s troubled past, I am requesting that Facebook befits a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the possibility to appear at these problems and take action.”

As antecedently reported by Top Market Group, Polychain Capital chief executive officer Olaf Carlson-Wee commented on Facebook’s problems with content policing at the accord 2019 conference in could. To avoid any issues in this space, Carlson-Wee suggested that the social media giant relinquish control of the blockchain hosting its virtual currency, saying:

“I assume given all the issues that Facebook has had with policing their platform and things like that, I believe that the strategic move for Facebook would truly be to make public infrastructure. [...] The those that created the net aren’t answerable for everything that’s said on the internet.”

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