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Consumer Groups Call for a Moratorium on Libra Until ‘Profound Questions’ Are Answered

Digital Transactions

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

“Some of us believe a careful assessment will show that the proposal is too dangerous to be permitted to proceed,” the letter says. “Others of us believe it should be permitted if appropriate controls and rules are in place. Others of us are uncertain what we think in light of the long list of unanswered questions about Libra.”

The letter presents dozens of questions under the topics of governance, national sovereignty, and law enforcement, including tax policy, consumer protection, privacy, and competition and systemic risk.