Watchdogs Urge DOJ to Investigate Legality of Facebook's Cryptocurrency Venture
Financial industry watchdogs are asking federal officials to attempt to stop the cryptocurrency pilot program launched by Facebook, noting that the U.S. government has the power to criminally prosecute executives for operating the venture.
The Open Markets Institute sent a letter on November 23 to numerous regulatory agencies and the U.S. Department of Justice (DOJ), saying the omnipresent tech conglomerate may be “in the illegal business of receiving deposits without a bank charter.”
“There are several legal and regulatory implications for Facebook’s pilot that warrant particular attention by the agencies,” the Open Markets Institute letter stated.
Other financial industry analysts share the Open Markets Institute’s opinion. Americans for Financial Reform and Demand Progress issued a joint statement in response to the pilot, urging “relevant regulators and lawmakers with jurisdiction over banking, consumer protection, and antitrust to intervene to put this project on hold.”
https://truthout.org/articles/watchdogs-urge-doj-to-investigate-legality-of-facebooks-cryptocurrency-venture/
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