Consumer groups call for a moratorium on Libra until ‘profound questions’ are answered


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Some 33 consumer and public-policy groups sent a letter Tuesday to five Congressional committees and federal regulators asking for a moratorium on the Facebook Inc.-backed Libra cryptocurrency.

“We call on Congress and regulators to impose a moratorium on Facebook’s Libra and related plans until the profound questions raised by the proposal are addressed,” says the letter. “We also urge Facebook to put its implementation of its plans for the new cryptocurrency, Libra, on hold until the Congress and regulators have an opportunity to assess and react to a far more detailed presentation than has yet been made public.”

Among the signatories are the Consumer Federation of America, Consumer Reports, the Economic Policy Institute, the Electronic Privacy Information Center, Public Citizen, U.S. PIRG, and the Woodstock Institute.

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