UPDATED 3:25 PM PST – Wednesday October 9, 2019
Related: FBI Director Wray, AG Barr Warn Against New Encryption On Facebook Messenger
Global regulators are also wary of how the digital currency will impact the financial system, based on the wild market cycles of similar currencies like Bitcoin.
FILE – In this April 11, 2018, file photo, Facebook CEO Mark Zuckerberg testifies before a House Energy and Commerce hearing on Capitol Hill in Washington. (AP Photo/Andrew Harnik, File)
The push towards cryptocurrency has been hindered by an ongoing federal investigation, which is looking into the Facebook’s privacy and advertising practices. Democrat Representative Maxine Waters has voiced opposition to the company and its ever-growing reach. Earlier this year, she called for Facebook to cease development of Libra.
“The type of change that will reconfigure the financial system to be tilted towards people, not the institutions serving them, will be hard,” the Libra Association said. “Commitment to that mission is more important to us than anything else — We’re better off knowing about this lack of commitment now, rather than later.”
The #Libra Association is today announcing plans for a simple global currency and financial infrastructure. Find out more https://t.co/VPS7LllcNn #blockchain #cryptocurrency pic.twitter.com/mdHymhsrcH
Libra was first announced back in June as a “simple global currency” that would “empower people around the world.”
Facebook CEO Mark Zuckerberg is set to testify before the House Financial Services Committee over the platform’s plans to implement its own digital currency. Sources close to the matter this week said Zuckerberg will be the only witness at the hearing later this month. The hearing will mark his first appearance before a congressional committee since 2018.
The Libra Association was initially composed of a handful of large firms, but PayPal Holdings has since severed ties with the project. The digital payments company announced their official separation on Monday, which the association quickly responded to.
— Libra (@Libra_) June 18, 2019
The new currency was created to boost e-commerce and advertisements within the app. Facebook plans to release the cryptocurrency in 2020, but a number of factors may halt the company’s progress.
UPDATED 10:49 AM PT — Friday, August 30, 2019
President Trump moved to replace the fencing along the San Diego border earlier this year as his administration sped up moves to build taller, stronger border reinforcement. During the State of the Union address, the president stated CBP agents are the ones who see how the wall is helping mitigate the crisis at the border first-hand.
Numerous wall construction projects are underway across the Southwest border, including projects in California, Arizona, New Mexico and Texas. pic.twitter.com/43OrCdw8J2
According to California Border Patrol agents, new infrastructure in an area known as “smuggler’s gulch” is making a difference. On Thursday, the agent in charge — Justin De La Torre — stated a steep, open canyon between Tijuana and San Diego has been used for decades by immigrants attempting to smuggle drugs into the U.S. from Mexico.
Workers break ground on new border wall construction about 20 miles west of Santa Teresa, New Mexico, Aug. 23, 2019. The wall visible on the left was built in 2018 with money allocated by Congress, while the new construction is funded by money reallocated from Department of Defense funding. (AP Photo/Cedar Attanasio)
De La Torre added, the agents who patrolled “smugglers gulch” in the past only had a fence made out of landing mat to aid security efforts. He said the fence helped, but it was easy to climb.
Border officials stated they are continuing their efforts to construct several miles of wall along the southwest border. The CBP confirmed several wall construction projects are underway in California, Arizona, New Mexico, and Texas.
— CBP (@CBP) August 25, 2019
The agent said when he first started working in “smuggler’s gulch” there needed to be at least five agents on patrol. He also noted that effective infrastructure there was lacking. However, De La Torre now says the wall’s formidable features have successfully bolstered Customs and Border Protection’s (CBP) security efforts.
“This is a smart, strategic, see-through steel barrier — not just a simple concrete wall,” said the president. “It will be deployed in the areas identified by border agents as having the greatest need, and as these agents will tell you, where walls go up, illegal crossings go way down.”