David Weild IV, known as the father of the JOBS Act, believes that the U.S. government had to intervene to end, Libra, the Facebook stablecoin.
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The government has to do something
In an interview with Cointelegraph, Weild said that when she first heard about Zuckerberg’s initiative, she knew immediately that the government had to intervene:
„When I heard what Zuckerberg was going to do (and this was before the government calmed down), I said ‚the government has to do something here‘, and he was elected by the House Financial Services Committee shortly after, about a month later, and I’m not surprised“
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Libra could reach the authority of the central bank
Weild believes that, given that Facebook has a user base of 2.5 billion, its stablecoin could have presented a real challenge to the dominance of the US dollar, the fact that it was issued through a foreign entity would mean that the US government would have little control over it:
„I mean, because of the sheer magnitude of Facebook and the implications of effectively creating a de novo basket of currencies, which could serve as a central banking authority to some extent, I thought it had such profound implications that they had to stop it, they had to get Zuckerberg to come to Washington and start understanding these questions broadly.