Congresswoman Sylvia Garcia’s Response to Facebook Libra’s Announcement about its Restructuring

April 16, 2020
Press Release
Media Contact: Robert Julien (DC): Email: Robert.julien@mail.house.gov; Cell: 202-227-0330

HOUSTON, TX – Congresswoman Sylvia Garcia (TX-29) and member of the House Financial Services Committee issued the following statement in response to Facebook and the Libra’s Association’s announcement regarding its new structure.

“From the moment Facebook and the Libra Association released its first whitepaper on its new Libra currency, I have made it clear that I have major concerns about the project and its proposed rollout. There are simply too many questions left unanswered regarding why Facebook is even developing a cryptocurrency and how it will affect the global economy and consumers.

Now Facebook and the Libra Association have issued a second white paper that retains a Libra coin backed by a basket of assets. As such, this does not address the concerns I raised when Mr. Zuckerberg testified before the Financial Services Committee, and for which I introduced legislation to address said concerns.

Facebook and the Libra Association had an opportunity to address the concerns I and my other colleagues raised with their initial whitepaper. Unfortunately they chose not to listen to the bipartisan concerns raised about Libra. I will continue to work to make sure that the SEC regulates any such asset as the security that it is under current securities laws.”

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Congresswoman Sylvia R. Garcia was elected to the U.S. House of Representatives in November 2018, becoming the first Latina ever to represent the Texas 29th Congressional District. She serves on the House Judiciary and Financial Services Committees.