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 11:10 AM PST – Sat. August 31, 2019
FILE – In this July 17, 2015, file photo, flowers and a portrait of Kate Steinle remain at a memorial site on Pier 14 in San Francisco. A California state appeals court has thrown out the sole conviction against an immigrant who fatally shot Steinle on the San Francisco waterfront in 2015. The 1st District Court of Appeal on Friday, Aug. 30, 2019, overturned a gun conviction against Garcia-Zarate because the judge failed to instruct the jury on one of his defenses. Garcia-Zarate is in custody and facing federal gun charges. (Paul Chinn/San Francisco Chronicle via AP, File)
Earlier Friday, an appeals court reversed Jose Inez Garcia-Zarate’s 2017 conviction for possession of a firearm by a felon.
The bullet then ricocheted off a concrete-walkway, before fatally striking Steinle. Garcia-Zarate then threw the gun into the bay. He was deported five times before Steinle’s death, sparking a nationwide debate over sanctuary city policies.
This comes after he accused a judge of failing to tell the jury it’s not a crime to “momentarily” have a gun. The 46-year-old claims he found the firearm on a San Francisco pier, picked it up, and it “accidentally” went off.
An illegal alien acquitted of killing Kate Steinle back in 2015 sees his gun conviction overturned by a San Francisco court.