When Silicon Valley first started buzzing with the news of Facebook developing a cryptocurrency, the tech world was surprised — to put it mildly. After all, Facebook's CEO Mark Zuckerberg had just undergone one of the most painful tests of his life, being criticized by the American public for Facebook's role in Russia's election interference. But this did not seem to stop him from going after what was widely considered to be the most controversial business plan he could possibly formulate. In the midst of what was deemed the "crypto winter", with Bitcoin hovering at just a bit over $3,000, Zuckerberg started building a team for a secret new project for Facebook. Although it was meant to be hush-hush, it wasn't long before news leaked out. Facebook, with its over two billion users, was creating its own cryptocurrency. After all, Facebook had to hire an entirely new team — and this meant online job postings that captivated the crypto world.
Just a few weeks ago, Facebook finally made an official announcement about their new token. Named Libra, it was intended to make the process of buying and selling easier all across the planet. But as soon as word got out, government officials started to have their say. Maxine Waters, a California congresswoman, was one of the first to express concern. In fact, she even called for a moratorium on Libra. Not long after, the head of FinCEN, Kenneth Blanco, shed even more light on the topic for lawmakers. In a session with some members from the Committee on Financial Services, Blanco elaborated on Libra's potential to wreak havoc. Citing Facebook's irresponsible behavior in relation to other events, Blanco stressed the fact that bad actors will always find ways to manipulate financial systems. And the trouble with crypto is that it's incredibly difficult to track. This time, the government is attempting to behave proactively in regards to technology. Scheduling a hearing about Libra for July 17, Congress has wasted no time attempting to get to the bottom of this.