Consumer Advocacy Coalition Urges Libra Association Members to Quit
July 19 2019 - 2:55AM
Dow Jones News
A coalition of consumer advocacy groups urged the 28 members of
the Libra Association to quit the cryptocurrency initiative led by
Facebook Inc. due to concerns over the social-media giant's
reputation.
"Facebook is eager to present itself as just one voice of many
in the Libra Association," the group, led by an activist think tank
called Open Markets Institute, wrote in a letter dated July 18. "No
one is fooled by this subterfuge."
The coalition expressed concerns about Facebook which has
"generated a climate of fear with its market dominance," the letter
said. "But if you collectively withdraw from the project, it will
signal that the just-beginning era of digital money will be based
on fair rules and democratic deliberation, and not intimidation by
the powerful."
Facebook defended Libra in congressional hearings this week,
saying plans won't move forward until it has "fully addressed
regulatory concerns and received appropriate approvals."
Write to Steven Russolillo at steven.russolillo@wsj.com
(END) Dow Jones Newswires
July 19, 2019 02:40 ET (06:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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