In its launch, Facebook published a white paper unveiling more details on Libra and its likely 2020 launch date.

The United States government is requesting the project be suspended until lawmakers have a chance to review it.

American consumer group Consumer Choice Center’s deputy director, Yael Ossowski, believes this move will ultimately harm progression as the technology will not be allowed to evolve.

“Overseeing regulation on internet and financial firms is important, but the ‘regulate first, innovate later’ mentality that came in response to Libra should give every internet user pause,” Mr Ossowski said.

“If every new internet innovation is now subject to knee-jerk congressional approval, that sets a dangerous precedent for the future of consumer choice online.”

The United States government is arguing that due to the company’s troubles in the past with data breaches, Congress needs the chance to review before taking action.

However, Mr Ossowski believes slowing down production and waiting for lawmakers will slow innovation.

“Allowing political figures to freeze future innovations and projects because of temporary partisan politics will keep millions of consumers from being able to enjoy regular goods and services they enjoy online, not to mention being able to connect with thousands of their friends and family online,” Mr Ossowski said.

“And it won’t stop here. If these threats continue, bitcoin and dozens of other cryptocurrencies, as well as other social media platforms that millions of users have adopted, will also face well-intended but flawed regulation.”

This email address is being protected from spambots. You need JavaScript enabled to view it.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

more on this topic

Cryptocurrency

Kaiko acquires Cometh to bolster crypto-asset services under new EU regulations

In a significant move to enhance its position in the rapidly evolving crypto-asset market, Kaiko, the world’s leading independent provider of market data and on-chain infrastructure for crypto-assets, ...Read more

Cryptocurrency

Coinhouse secures PSCA accreditation, enhancing its European operations

Coinhouse, a leading crypto-asset service provider in France, has successfully obtained its Crypto-Asset Service Provider (PSCA) accreditation from the French Financial Markets Authority (AMF), ...Read more

Cryptocurrency

OKX launches USDSⓈ-M options on Bitcoin and Ether, broadening derivatives access in UAE and Australia

OKX, a prominent global fintech company and crypto trading platform, has launched USDSⓈ-M Options on Bitcoin and Ether, providing traders in the UAE and Australia with new opportunities to engage in ...Read more

Cryptocurrency

Fuutura unveils groundbreaking non-custodial trading protocol

In a significant move poised to reshape the landscape of cryptocurrency trading, Fuutura has unveiled its cutting-edge non-custodial trading protocol. This innovation, which integrates a multi-asset ...Read more

Cryptocurrency

The One Atelier unveils next-gen platform for tokenisation in branded real estate

In a bold move to revolutionise the branded real estate market, The One Atelier has announced the launch of The One Capital, a pioneering blockchain platform aimed at transforming early-stage ...Read more

Cryptocurrency

Binance enhances user experience by introducing new fiat payment channels for Australians

In a significant move to streamline cryptocurrency transactions for Australian users, Binance Australia has announced the launch of direct fiat deposits and withdrawals via PayID and bank transfersRead more

Cryptocurrency

Institutional adoption and clearer regulation drive deeper integration of digital assets into mainstream finance in 2026

In a recent outlook, Binance Australia has highlighted the steady maturation of the digital asset industry, forecasting deeper integration into mainstream financial markets by 2026. The company ...Read more

Cryptocurrency

Australian investors embrace crypto as a core growth strategy

In a significant shift within the investment landscape, cryptocurrency has emerged as a key component of portfolio diversification and long-term wealth creation for Australian investorsRead more