The US government would want to stop the Facebook cryptocurrency project: lawmaker

FILE PHOTO: Representative Maxine Waters, speaking at a national day of action called “Keep Families Together”, in order to bring in the Trump administration’s “Zero-Tolerance” policies in Los Angeles, California, USA, to June 30, 2018. (REUTERS photo/Monica Almeida

WASHINGTON (Reuters) – The U.S. government would have to consider is how to force Facebook Inc. to freeze the work on a new cryptocurrency project, and a senior U.S. lawmaker said on Thursday.

Representative Maxine Waters, who chairs the House of Representative’s Financial Services Committee, said in a CNBC interview that the government’s need to conduct research about cryptocurrencies and the Facebook initiative, called the balance, before allowing to go any further. “We’ll have to ask them, as we do, or to force them in a way that we will be able to place a moratorium on the new cryptocurrency that will put them in place,” she said, without providing specific details.

Report by Pete Schroeder

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