The committee's leader, Rep. Maxine Waters, D-Calif., has asked Facebook to suspend its plan for the new currency until regulators and lawmakers have a chance to fully review it. He said Facebook will not control Libra because Facebook will be only one of about 100 companies and nonprofits in an association that will manage the currency. He said Facebook isn't looking to base the Libra project in Switzerland in order to evade oversight, but because that country is recognized as an international financial center. Marcus' assurance that Facebook won't control Libra failed to convince Rep. Brad Sherman, D-Calif., who focused on Facebook CEO Mark Zuckerberg. The planned digital currency is to be a blend of multiple currencies, which means the exchange rate will fluctuate.

Source: ABC News July 17, 2019 20:43 UTC