Committee Democrats Call on Facebook to Halt Cryptocurrency Plans
NNPA NEWSWIRE — “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.”
WASHINGTON – Today, 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.
#NNPA BlackPress
Jovita Moore Mural Still Has Not Been Repainted in Grant Park
ATLANTA VOICE — A mural depicting late journalist Jovita Moore, painted on the exterior wall of a building now occupied by Bellwood Coffee in Grant Park, was painted over in April. Moore passed away in 2021 after decades of working in Atlanta television news. Bellwood Coffee owners stated in May they were unaware of Moore’s identity or significance to the community before painting over the mural.
The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.
At the corner of Boulevard, SE. and Rosalia St., SE., directly across the street from an abandoned home and a Methodist Church, is Bellwood Coffee. One of hundreds of coffee shops in Atlanta, this place of business would not be worth a solitary discussion if not for the way its exterior walls are currently painted. There was once a mural depicting the late Jovita Moore, a beloved journalist who worked in Atlanta for decades. Moore, who passed away in 2021, mentored many of the people you see on television newscasts today. Though her legacy will never be forgotten, it was the mural of her image that was erased.
In April, members of the Grant Park community voiced their disgust at the mural, which graced a side wall of the building now occupied by Bellwood Coffee’s Grant Park location, before it was painted over. In its place are the words “Bellwood Coffee; Cocktails, Biscuits, Dry Goods, Air Conditioning. *Heat Too”. In May, the business owners responded to the community pushback on social media by acknowledging they did not know who Moore was before painting over her image. And later admitted that they did not attempt to find out what she meant to the community.
On May 21, the Bellwood Coffee Instagram account had a post about being “in close contact with Jovita’s family and are actively working on next steps in this process.” Two months later, the mural has not been replaced, repainted, or repositioned on the property. Nothing has been done. Black history is often erased, most recently by the current Presidential administration, but oftentimes on a smaller, quieter scale. The mural was originally painted by muralist Tommy Bronx, who had been in contact with the business owners about repainting it. As of July 6, Tommy Bronx had responded to a direct message via his Instagram account from The Atlanta Voice about any updates on his plans to repaint the mural.
“We’re currently working on it. You should see some movement in the weeks to come,” he wrote in a response.
On Monday, July 6, the business had several patrons inside and was running smoothly with three employees manning the counter. The Atlanta Voice dropped by Bellwood Coffee to get a look at the exterior wall where the mural once stood as a memorial to a journalist and mother who lost her life to brain cancer at the young age of 54. Moore’s image added some color to the block. The grey wall in its place does not.
A direct message was sent to the Bellwood Coffee Instagram account, and there hasn’t been a response as of 7 p.m. on Monday.
The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on The Atlanta Voice.
Based on reporting by Atlanta Voice.
The post Jovita Moore Mural Still Has Not Been Repainted in Grant Park appeared first on BlackPressUSA.
#NNPA BlackPress
‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator
ATLANTA DAILY WORLD — A New York man faces felony hate crime charges for allegedly posting a threat against New York State Senator Lea Webb. James A. Crosby, 49, of Binghamton, was arrested by New York State Police after investigators determined he posted a threatening comment on a social media news post about a Juneteenth celebration.
The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.
A New York man is facing felony hate crime charges after allegedly posting that he’d be “proud to hang” New York State Senator Lea Webb from a tree in response to a news story about a Juneteenth celebration.
James A. Crosby, 49, of Binghamton, was arrested June 23 by New York State Police after investigators determined he posted a threatening comment on a WBNG 12 News Facebook post. “I’d be proud to hang her from a tree,” Crosby wrote, according to WBNG.
Crosby was charged with making a terroristic threat as a hate crime, a class C felony, per the New York State Police. He is currently being held at Broome County Jail.
During the subsequent investigation, state police found Crosby was in illegal possession of firearms despite being prohibited from owning them due to a prior felony conviction. Investigators recovered a rifle, a large-capacity ammunition feeding device, and a firearm suppressor — all prohibited under New York state law, per the NYSP.
Crosby was charged with four additional counts of criminal possession of a weapon in the third degree, all class D felonies.
Webb, who represents New York’s 52nd Senate District, had been a featured speaker at a Juneteenth flag-raising ceremony at Binghamton City Hall, where the celebration included prayers and the singing of the Black national anthem.
Police said Crosby’s comment was posted in response to a WBNG news story covering the event.
The day before his arrest, Crosby posted a Facebook apology claiming the comment “was not intended to be racial in any way” and was made in reference to what he described as a “criminal,” citing criticism of Webb over her use of nonprofit legal aid in a foreclosure case — a matter state watchdogs said created an appearance of a conflict of interest, per the Ithaca Voice. He was arrested the following day.
Webb issued a public statement June 25 condemning the threat.
“It was extremely disappointing and hurtful to see the now-deleted threat and attacks on my life in response to a story about Juneteenth, a national holiday that recognizes the ending of slavery in America,” she said. “Feedback and thoughts on policy are one thing, but to make a public call for lethal violence is absolutely unacceptable and dangerous. We must recognize our shared humanity and reject violence in all forms.”
She thanked Gov. Kathy Hochul, Senate Majority Leader Andrea Stewart-Cousins, and law enforcement for their “swift response.”
Following Crosby’s comments, social media users called for a boycott of his contracting business, Crosby Home Improvements.
The Binghamton City Democratic Committee also called for an investigation into the incident before his arrest.
The Black Information Network is your source for Black News! Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HEREto tune in live.
The post ‘Proud to hang her from a tree’: Man arrested for threatening Black Senator appeared first on Atlanta Daily World.
Based on reporting by Atlanta Daily World.
The post ‘Proud to Hang Her from a Tree’: Man Arrested for Threatening Black Senator appeared first on BlackPressUSA.
#NNPA BlackPress
CARICOM: Strengthen Integration for Future Generations
NEW YORK CARIB NEWS — Outgoing CARICOM Chairman Terrance Drew called on regional leaders to build a stronger and more effective Caribbean Community that benefits future generations. Speaking at the 51st Regular Meeting, Drew urged modernization of governance structures and improved implementation of Community decisions to make CARICOM safer and more prosperous.
The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.
Speaking Sunday at the opening of the 51st Regular Meeting of the Conference of Heads of Government in Saint Lucia, Dr. Terrance Drew said the region must modernize its governance structures, improve the implementation of Community decisions, and ensure CARICOM becomes safer, more prosperous, and more relevant to the lives of its citizens.
The meeting, being held under the theme “CARICOM: From Resilience to Renewal in a Changing World,” coincides with the Community’s 53rd anniversary. During the ceremony, Dr. Drew formally handed over the rotating CARICOM chairmanship to Saint Lucia’s Prime Minister, Philip J. Pierre.
Reflecting on his six-month tenure as chairman, Drew praised fellow regional leaders for maintaining their commitment to democracy, good governance, unity, and the rule of law despite mounting global economic and geopolitical challenges.
“Throughout these challenges, CARICOM chose engagement over isolation. Together, we reaffirmed our commitment to a fair and rules-based international trading system and ensured that the interests of small developing states continued to be heard.”
Trending
He highlighted progress made in strengthening the CARICOM Single Market and Economy, including deeper trade cooperation, expanded labour mobility, and efforts to lay the foundation for long-term economic growth. Drew also noted the Community’s growing partnerships beyond the Caribbean, particularly with the African Union, while stressing that every international partnership should advance the interests of all parties involved.
The outgoing chairman also expressed appreciation to Dr. Carla Barnett and the CARICOM Secretariat for their professionalism and unwavering support during his tenure.
“Whenever I called, you answered. Whenever support was required, you and your team responded with diligence, competence, and excellence.”
Dr. Drew urged the Secretariat to continue preserving its impartiality while faithfully implementing decisions made by Heads of Government, saying that balance has helped strengthen the regional integration movement.
The conference continues in Saint Lucia with regional leaders expected to deliberate on key issues including regional security, climate resilience, trade, economic integration, food security, Haiti, reparations, and strengthening the CSME.
Based on reporting by New York Carib News.
The post CARICOM: Strengthen Integration for Future Generations appeared first on BlackPressUSA.
WORK FROM HOME
Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540
Gov. Gavin Newsom Signs Law Streamlining Affordable Housing Rules
Oakland Celebrates $125 Million Coliseum Sale
OPINION: Board VP Valarie Bachelor Says OUSD Is Moving Ahead Under Committed Leadership
Oakland Children’s Hospital Workers and Patients Rally for Pediatric Medical Care
Alameda County Board of Supervisors Honors 100 Black Men of the Bay Area
Sen. Padilla Condemns Trump Administration’s Removal of Democratic Election Commissioners
Eric Murphy’s ‘City of Stars’ Honors Culture and Community
Congresswoman Lateefah Simon Moderates BWOPA’s Voice for the People
Agricultural Engineer Effie Gant Plans Bay Area Farmers Market Initiative
NPRC Heads to Washington to Elevate Adult Guardianship Reform at National Whistleblower Summit
Oakland Post: Week of July 15 – 21, 2026
Kalshi’s ‘segregation Market’ Turns Black Suffering into a Betting Line
The Power of Pink: Laila Leigh’s Journey to Streamer University
EDITORIAL: As They Seek Justice in the Death of Nolan Wells, African Americans Wrestle with the Notion ‘the South Is Still the South’
COMMENTARY: HBCUs Are Still the Vanguard
After 10-Year Wait, Fillmore Heritage Center Reopens in San Francisco
Oakland Post: Week of June 3 – 9, 2026
Oakland Post: Week of June 17 – 23, 2026
Oakland Post: Week of June 10 – 16, 2026
COMMENTARY: Black Music is the Sound of Black Freedom: Let Us Reclaim Both This Juneteenth
IN MEMORIAM: Oakland Dance Legend Reginald Ray-Savage, 67
2026 World Cup is Here and Atlanta is Ready For It
Oakland Director Boots Dazzles Once Again in ‘I Love Boosters’
UC Berkeley Named Top Public University in the U.S. and No. 7 in the World by ‘U.S. News’
Sale of Coliseum to African American Developers Moves Toward Completion
Ferry Fares to Increase July 1 as Ridership Hits Record Highs
NCBW-OBAC Champions Black Women Entrepreneurs at Business en Blaque Expo
Oakland Post: Week of July 1 – 7, 2026
5 Cleveland Police Officers Injured, Gunfire Erupts During East Side Pursuit
The Conversation With Al McFarlane 6/23/26
Media Monday 6/22/26
LIVE! ASK ALMA! — TUES. 6.23.26 7PM EST
Car Buying Secrets: 4 Hidden Checks Before You Sign!
Is This 550 HP Charger Worth YOUR Money? AutoNetwork Review
Celebrating Juneteenth – Frederick Douglass on education and resistance
LIVE! — ASK ALMA! — TUES. 6.19.26 7PM EST
Hyundai Ioniq 5 Parking, Safety, and 360 View #shorts
2025 Ioniq 5 New Wiper & Powerful Performance! #shorts
Electric SUV Range: Is 259 Miles Enough? #shorts
EV Charging: How Fast Can You Charge an Electric Vehicle? #shorts
Biometric Cooling… Messaging Seats…Come on! 2025 Infiniti QX80 Autograph 4WD
Charged Up: Witness the Magic of a Fully Electric Car! #shorts
Range Rover Sport PHEV Included…: See What’s Inside This Luxury SUV! #shorts
Invisible Hood View: Perfect Parking with X-Ray Vision! #shorts
-
Activism4 weeks ago -
Activism4 weeks agoOakland Post: Week of June 17 – 23, 2026
-
Arts and Culture4 weeks agoIN MEMORIAM: Oakland Dance Legend Reginald Ray-Savage, 67
-
Bay Area4 weeks agoUC Berkeley Named Top Public University in the U.S. and No. 7 in the World by ‘U.S. News’
-
Alameda County4 weeks agoFerry Fares to Increase July 1 as Ridership Hits Record Highs
-
Activism4 weeks agoNCBW-OBAC Champions Black Women Entrepreneurs at Business en Blaque Expo
-
Activism2 weeks agoOakland Post: Week of July 1 – 7, 2026
-
Bay Area4 weeks agoA Long Time Coming: School District Kicks Off Massive $97 Million Renovation of West Oakland’s McClymonds High School
