The father of the JOBS Act: The government was worried that the pound might replace the dollar

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.