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Committee Democrats Call On Facebook To Halt Cryptocurrency Plans

SEATTLE MEDIUM — Last week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee; Congresswoman Carolyn Maloney (D-NY), Chair of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee; Congressman William Lacy Clay (D-MO), Chairman of the Housing, Community Development and Insurance Subcommittee; Congressman Al Green (D-TX), Chairman of the Oversight and Investigations Subcommittee; and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology, wrote a letter to Mark Zuckerberg, Founder, Chairman and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet.

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By The Seattle Medium

WASHINGTON – Last week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee; Congresswoman Carolyn Maloney (D-NY), Chair of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee; Congressman William Lacy Clay (D-MO), Chairman of the Housing, Community Development and Insurance Subcommittee; Congressman Al Green (D-TX), Chairman of the Oversight and Investigations Subcommittee; and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology, wrote a letter to Mark Zuckerberg, Founder, Chairman and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the lawmakers wrote.“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”

This letter comes on the heels of Chairwoman Waters’ initial request for Facebook to agree to a moratorium in June.

The Chairwoman has also announced plans to convene a full Committee hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” on Wednesday, July 17.

See full text of the letter below.

July 2, 2019

Mark Zuckerberg
Founder, Chairman and Chief Executive Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

Sheryl Sandberg
Chief Operating Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

David Marcus
Chief Executive Officer
Calibra
Facebook
1 Hacker Way
Menlo Park, CA 94025

Dear Mr. Zuckerberg, Ms. Sandberg, and Mr. Marcus:

We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.

On June 18, 2019, Facebook announced its plans to develop a new cryptocurrency, called Libra, and a digital wallet to store this cryptocurrency, known as Calibra. To assist it in this venture, Facebook has enlisted 27 other companies and organizations to form the Libra Association, which is based out of Switzerland. [1] These companies span the financial services and retail industry and include payment systems, like Mastercard, Paypal, and Visa, and technology giants, like Uber, Lyft, and Spotify. By the target launch date of early 2020, Facebook hopes to have recruited over 100 firms into the Libra Association.

While Facebook has published a “white paper” on these projects, the scant information provided about the intent, roles, potential use, and security of the Libra and Calibra exposes the massive scale of the risks and the lack of clear regulatory protections. If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past. Indeed, regulators around the globe have already expressed similar concerns, illustrating the need for robust oversight.[2]

Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook’s digital wallet – storing potentially trillions of dollars without depository insurance– also may become unique targets for hackers. For example, during the first three quarters of 2018, hackers stole nearly $1 billion from cryptocurrency exchanges.[3]The system could also provide an under-regulated platform for illicit activity and money laundering.

These risks are even more glaring in light of Facebook’s troubled past, where it did not always keep its users’ information safe. For example, Cambridge Analytica, a political consulting firm hired by the 2016 Trump campaign, had access to more than 50 million Facebook users’ private data which it used to influence voting behavior.[4] As a result, Facebook expects to pay fines up to $5 billion to the Federal Trade Commission (FTC), and remains under a consent order from FTC for deceiving consumers and failing to keep consumer data private. In the first quarter of 2019 alone, Facebook has also removed more than 2.2 billion fake accounts, including those displaying terrorist propaganda and hate speech.[5]It has also recently been sued by both civil rights groups[6] as well as the U.S. Department of Housing and Urban Development for violating fair housing laws on its advertising platform and through its ad delivery algorithms.[7]

Because Facebook is already in the hands of a over quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.

Sincerely,

Rep. Maxine Waters, Chairwoman

Rep. Carolyn Maloney, Chair – Subcommittee on Investor Protection, Entrepreneurship and Capital Markets

Rep. Wm. Lacy Clay, Chair – Subcommittee on Housing, Community Development and Insurance

Rep. Al Green, Chair – Subcommittee on Oversight and Investigations

Rep. Stephen F. Lynch, Chair – Task Force on Financial Technology

[1] The 27 other members of the Libra Association are Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, and Women’s World Banking

[2] See, e.g. The Honorable Randal K. Quarles, Vice Chairman of Supervision for the Board of Governors of the Federal Reserve System and Chair of the Financial Stability Board, Financial Stability Board Chair’s letter to G-20 Leaders meeting in Osaka, June 25, 2019, https://www.fsb.org/2019/06/fsb-chairs-letter-to-g20-leaders-meeting-in-osaka/. (“A wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that that they are subject to high standards of regulation.”); Bank of International Settlements Annual Economic Report, Big tech in finance: opportunities and risks, June 23, 2019, https://www.bis.org/publ/arpdf/ar2019e3.htm. (“Big techs have the potential to become dominant through the advantages afforded by the data-network activities loop, raising competition and data privacy issues. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation… As the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities – national and international – is crucial.”)

[3] CipherTrace Cryptocurrency Intelligence, Cryptocurrency Anti-Money Laundering Report, 2018 Q3 https://ciphertrace.com/wp-content/uploads/2018/10/crypto_aml_report_2018q3.pdf.

[4] Kevin Granville, Facebook and Cambridge Analytica: What You Need to Know as Fallout Widens, (March 19, 2018).

[5] Facebook, Community Standards Enforcement Report (2019 Q1).

[6] Complaint, Nat’l Fair Housing Alliance et al. v. Facebook, Inc., No. 18-cv-02689 (S.D.N.Y Mar. 27, 2018), https://nationalfairhousing.org/wp-content/uploads/2018/03/NFHA-v.-Facebook.-Complaint-w-Exhibits-March-27-Final-pdf.pdf.

[7] Charge of Discrimination, U.S. Dep’t of Housing & Urban Development v. Facebook, Inc., FHEO No. 01-18-0323-8 (March 28, 2019), https://www.hud.gov/sites/dfiles/Main/documents/HUD_v_Facebook.pdf.

This article originally appeared in the Seattle Medium

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Activism

Oakland Post: Week of July 8 – 14, 2026

The printed Weekly Edition of the Oakland Post: Week of July 8 – 14, 2026

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Black History

COMMENATARY: Blackfolk, Is It Past Time for an Exit Strategy?

JACKSONVILLE FREE PRESS — With federal and state governments aligning with what the article describes as an “anti-Black program,” the article questions the efficacy of traditional civil rights strategies.

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COMMENATARY: Blackfolk, Is It Past Time for an Exit Strategy?

We have arrived at a terrifyingly familiar crossroads. Over the last year and a half, the current administration has executed its Project 2025 playbook to a tee, systematically dismantling the civil rights progress and hard-won gains of the past 60-plus years.

With every branch of the federal government aligned with this anti-Black program—and a majority of state governors and state supreme courts nodding in lockstep—the illusion of permanent legal protection has shattered.

The worst thing Blackfolk can do right now is assume that everything will “automagically” improve. History is screaming a different story. If we look closely at the repeating loops of the American experiment, we must ask an uncomfortable, urgent question: Is it past time for an exit strategy?

Historically, every single time Black people have fought, bled, and successfully forced this country to pivot away from its white supremacist foundations, a radical, violent political pushback has followed.

  • The Reconstruction Precedent: After the abolition of slavery and the brief radiance of Reconstruction, the white backlash plunged Black America into Jim Crow—a violent rollback of rights that lasted roughly a century.
  • The Modern Regression: The monumental gains of the Civil Rights and Black Power movements are being erased right in front of our eyes. In truth, the efforts to dismantle these wins didn’t start recently; they began while the ink on the Voting Rights Act was still wet.

Historians and social commentators today predict that it will take anywhere from 60 to 100 years for Black people living today to fully recover the legal protections, economic ground, and civil rights being stolen from us right now. That means the bitter, unvarnished truth is that most of us living today will not see better days in our lifetime.

If that’s true, why are we still organizing, marching, and voting with the exact same playbook and goals as before? We already know how that story ends: Anti-Black forces will always meet our appeals for justice with violent, economic, and political rollbacks. We need a new approach.

A 21st-century Underground Railroad

For months, national thought leader Lurie Daniel Favors has implored Black people and organizations to stop reacting defensively and start creating the framework for a “21st-century Underground Railroad.” This wouldn’t be a literal trail through the woods, but a sophisticated, underground network designed to allow Black people to escape systemic oppression, pool resources, and find genuine freedom.

But what does a modern exit strategy even look like? The options generally split into two distinct paths: The physical exit and the systemic exit.

“If hereditary bondmen would be free, they must themselves strike the blow… use every means—moral, intellectual, and physical—that promises success,” said the illustrious and under-appreciated Black liberation theologian Henry Highland Garnet, in his Address to the Slaves of the United States, given during the National Negro Convention of 1843. Garnet called for open rebellion against slavery. His idea for an “exit strategy” failed by one vote of being endorsed by the convention.

Option 1: The expatriate route (physical exit)

For some, the answer lies in leaving the United States entirely. This is not a new impulse. In the late 19th and early 20th centuries, Black intellectuals and colonization societies led by figures like Alexander Crummell, Garnet, and Martin Delany argued that Black humanity, creativity, and intellect could never fully flourish on a soil so deeply poisoned by anti-Blackness.

Crummell actively championed emigration, believing that building up self-determining communities elsewhere was a far nobler use of Black genius than begging for citizenship from a nation that despised them.

In 2026, the expatriate route means looking toward West African countries (such as Ghana, with its continued “Year of Return” initiatives), parts of the Caribbean, or European hubs that offer a lower baseline of anti-Blackness. The goal is to relocate to societies that welcome our humanity rather than criminalize it.

But how many of us have the economic capacity to make such a move? On the flip side, how many of us can afford to stay in the U.S. with anti-Blackness rising exponentially daily?

Option 2: Economic secession (systemic exit)

For others, the best exit strategy isn’t physical relocation, but a deliberate exit from America’s economic and social systems. This means creating our own self-reliant, self-determining networks right here. It looks like building independent food supply chains, autonomous security apparatuses, private educational institutions, and closed-loop economic systems. It’s the practice of being in America without being dependent on it. Multiple Black Power Movement members back in the 1960s and 70s called that creating a “nation within a nation.”

The danger of assuming “It can’t happen here”

This is not a message of gloom and doom; it is an urgent wake-up call. Global history is littered with stories of “othered” groups whose rights were slowly, methodically eroded by the dominant society. In almost every instance—from pre-WWII Europe to various global genocides—the erosion of rights started slowly, and then accelerated so fast that it appeared to come out of nowhere.

In every single one of those historical tragedies, there was always a small, prophetic minority calling for an exit strategy. And in every instance, the vast majority of the oppressed group pushed back, insisting that conditions could never get that bad.

Until they did.

Activating the exit

We don’t need a singular, definitive answer today, but we absolutely must begin organizing around the possibilities. Blackfolk need to take concrete steps immediately:

  1. Assess and Resource: Black organizations and individuals must audit their assets, identifying who has the means, dual citizenships, or remote capabilities to pivot.
  2. Build the Infrastructure: We must fund the infrastructure for both paths—supporting those who choose to build autonomous zones of survival in the States, and establishing legal and financial pipelines for those who choose to leave.
  3. Normalize the Conversation: We must strip away the stigma of “giving up” on America. Leaving a burning house isn’t cowardice; it’s intelligence.

We can no longer afford the luxury of hope without a contingency plan. Whether we choose to exit geographically or economically, we must build the backdoor now. History has shown us the script—it’s time we finally change our ending.

Based on reporting by Jacksonville Free Press.



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Black History

Governor Stein Signs Jaleeyah’s Law

THE CAROLINIAN — Governor Josh Stein signed House Bill 1173, known as Jaleeyah’s Law, on Monday, July 6th. The law, named after 13-year-old Jaleeyah Tune, who was fatally shot in December 2025, aims to increase penalties for gang-related crimes and provide more tools for prosecutors.

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Governor Stein Signs Jaleeyah’s Law

By Jheri Hardaway

Staff Writer

On Monday, July 6th Govenor Josh Stein signed House Bill 1173, widely known as Jaleeyah’s Law, in the presence of Jaleeyah’s mother, family, and community leaders. Jaleeyah’s Law is designed to increase penalties for gang-related crimes and provide stronger tools for prosecutors. The law is named in memory of 13-year-old Jaleeyah Tune who on December 21, 2025, was shot and killed while walking home with her sister. Three teens have been arrested in connection with her death, according to the Goldsboro Police Department; however, the circumstances and details surrounding the murder are not known to the public.

“It’s about giving prosecutors and communities stronger tools. It is about prevention, accountability and protection for families before tragedy happens,” said Whitney Brown-Tune, Jaleeyah’s mother, in a recent press conference. At the bill signing, Brown-Tune also emphasized, “Us as parents, we need to be more accountable for what our kids are doing on social media. It starts on social media before it hits the streets. Keep that in mind.”

Brown-Tune is completely correct. Social media’s profound impact has required changes in policing tactics and should prompt a shift in how we teach and parent our children, who are our future. Laws against organized crime are essential. Organized crime is just as American as student loans. The issue is how we define a gang. There are gangs, executing organized crimes that are not widely recognized as gangs by law enforcement. There are characteristics the state uses to define a gang member that are inaccurate. Jaleeyah’s Law – House Bill 1173 is necessary, but so is reform around law enforcement best practices.

As parents and community leaders do a better job of monitoring and protecting their children’s online presence. Law enforcement should work to better understand the social media landscape and the cultural factors that shape how some present themselves online. Wearing red or being photographed with a firearm are not enough to say someone is in a gang. Alongside this legislation should be more concrete and transparent criteria that law enforcement uses to define a gang member. Subjective social media observations are dangerous and can lead to wrongful convictions by biased law enforcement officials.

How do I know that law enforcement officials need advising on evaluating gang activity? I recently participated in the Harnett County Sheriff’s Office Citizen’s Academy. During the 13-week program, there is a night called “gang night.” The deputies presented a ton of insight into the gangs in and around Harnett County, along with information gathered from the North Carolina Gang Investigators Association.

During the presentation, I was alarmed that Harnett County is only 20% black but 80% of the gang presentation was about Black people. The deputies talked about people using the word “Cuz” as demonstrating gang affiliation, but I use “cuz,” and I’m not in a gang. They talked about the colors red, black, and green being associated with a gang. I’ve always known these colors as black liberation colors and wear them regularly; again, I am not in a gang. The presentation went as far as to show pictures of the Black Israelites, and the officer indicated, “They’re not necessarily a gang, but they’re a group that you should be aware of or afraid of.” I was upset; why vilify groups when they’ve committed no acts of violence? Why don’t they get the right to freedom of religion like other religious groups in America? The definition of a gang or a gang member needs to be evaluated and shared widely. At the conclusion of the Citizen’s Academy, we were encouraged to give feedback. The leadership of the Harnett County Sheriff’s Office expressed gratitude for the feedback and noted that they don’t know unless someone tells them.

I hope this knowledge empowers law enforcement leaders to be more culturally aware and transparent about what alarms them, so we can grow as a community. Dr. Randal Pinkett said, “If you are not prepared to make your organization more receptive to all people of all backgrounds, then you will not be competitive in the 20th century.”

As a Black American growing up in conservative Cary, North Carolina, I was raised to be considerate and aware of all cultures. Jaleeyah’s Law is important for maintaining safety; I hope we also make room for cultural understanding. The way the law is written, a teen or young adult could post something that is interpreted as gang-related and end up with “Enhance penalties for persons convicted of certain felonies if the offense was committed as part of criminal gang activity.”

Based on reporting by The Carolinian.



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