JAKARTA – Five senators have called for the immediate closure of Facebook's new crypto wallet just hours after its launch in partnership with Coinbase.
Crypto skeptic Elizabeth Warren was one of five senators urging Facebook CEO Mark Zuckerberg to "quickly stop" the project. In a letter sent to Zuckerberg on Tuesday, October 19, the five senators wrote:
“Given the scope of the scandal surrounding your company, we are writing to voice our strongest opposition to Facebook's revived efforts to launch its cryptocurrency and digital wallet, now branded 'Diem' and 'Novi,' respectively."
Diem is Facebook's ambitious stablecoin project, formerly known as Libra, which has been the subject of intense scrutiny and regulatory hurdles over the years that resulted in a number of key partners pulling out of the venture. Novi is the company's crypto wallet, designed to store Diem tokens and other stablecoins.
Novi launched trials in the United States and Guatemala on Tuesday, October 19 in partnership with Coinbase, which will provide crypto storage services. This trial will allow users to earn, send and receive Pax Dollars (USDP) through their Novi account.
On Wednesday, October 20, Coinbase CEO Brian Armstrong congratulated David Marcus, co-creator and board member of Diem, adding, “It takes a lot of perseverance to ignore the haters and post.”
The shot in the bow came from the office of Senator Brian Schatz and was co-signed by Tina Smith, Richard Blumenthal, Banking Committee Chair Sherrod Brown, and Senator Warren.
They stated that Facebook had repeatedly made conscious business decisions to continue "acts that have harmed its users and society at large," adding:
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“Facebook cannot be trusted to manage payment systems or digital currencies when its existing capabilities to manage risk and keep consumers safe have proven to be completely inadequate.”
In a letter from the company announcing the trial, Marcus stated, “We intend to migrate Novi to the Diem payment network after receiving regulatory approval.”
The company has much higher ambitions than just crypto wallets and stablecoins in the digital space. On Sunday, October 17, Facebook revealed plans to create 10,000 high-skill jobs in the European Union over the next five years to build its own metaverse.
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