Connect with us

Government

Committee Democrats Call On Facebook To Halt Cryptocurrency Plans

SEATTLE MEDIUM — Last week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee; Congresswoman Carolyn Maloney (D-NY), Chair of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee; Congressman William Lacy Clay (D-MO), Chairman of the Housing, Community Development and Insurance Subcommittee; Congressman Al Green (D-TX), Chairman of the Oversight and Investigations Subcommittee; and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology, wrote a letter to Mark Zuckerberg, Founder, Chairman and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet.

Published

on

By The Seattle Medium

WASHINGTON – Last week, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee; Congresswoman Carolyn Maloney (D-NY), Chair of the Investor Protection, Entrepreneurship and Capital Markets Subcommittee; Congressman William Lacy Clay (D-MO), Chairman of the Housing, Community Development and Insurance Subcommittee; Congressman Al Green (D-TX), Chairman of the Oversight and Investigations Subcommittee; and Congressman Stephen F. Lynch (D-MA), Chairman of the Task Force on Financial Technology, wrote a letter to Mark Zuckerberg, Founder, Chairman and Chief Executive Officer of Facebook; Sheryl Sandberg, Chief Operating Officer of Facebook; and David Marcus, Chief Executive Officer of Calibra, requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency and digital wallet.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the lawmakers wrote.“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”

This letter comes on the heels of Chairwoman Waters’ initial request for Facebook to agree to a moratorium in June.

The Chairwoman has also announced plans to convene a full Committee hearing entitled, “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” on Wednesday, July 17.

See full text of the letter below.

July 2, 2019

Mark Zuckerberg
Founder, Chairman and Chief Executive Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

Sheryl Sandberg
Chief Operating Officer
Facebook
1 Hacker Way
Menlo Park, CA 94025

David Marcus
Chief Executive Officer
Calibra
Facebook
1 Hacker Way
Menlo Park, CA 94025

Dear Mr. Zuckerberg, Ms. Sandberg, and Mr. Marcus:

We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet. It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy.

On June 18, 2019, Facebook announced its plans to develop a new cryptocurrency, called Libra, and a digital wallet to store this cryptocurrency, known as Calibra. To assist it in this venture, Facebook has enlisted 27 other companies and organizations to form the Libra Association, which is based out of Switzerland. [1] These companies span the financial services and retail industry and include payment systems, like Mastercard, Paypal, and Visa, and technology giants, like Uber, Lyft, and Spotify. By the target launch date of early 2020, Facebook hopes to have recruited over 100 firms into the Libra Association.

While Facebook has published a “white paper” on these projects, the scant information provided about the intent, roles, potential use, and security of the Libra and Calibra exposes the massive scale of the risks and the lack of clear regulatory protections. If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past. Indeed, regulators around the globe have already expressed similar concerns, illustrating the need for robust oversight.[2]

Investors and consumers transacting in Libra may be exposed to serious privacy and national security concerns, cyber security risks, and trading risks. Those using Facebook’s digital wallet – storing potentially trillions of dollars without depository insurance– also may become unique targets for hackers. For example, during the first three quarters of 2018, hackers stole nearly $1 billion from cryptocurrency exchanges.[3]The system could also provide an under-regulated platform for illicit activity and money laundering.

These risks are even more glaring in light of Facebook’s troubled past, where it did not always keep its users’ information safe. For example, Cambridge Analytica, a political consulting firm hired by the 2016 Trump campaign, had access to more than 50 million Facebook users’ private data which it used to influence voting behavior.[4] As a result, Facebook expects to pay fines up to $5 billion to the Federal Trade Commission (FTC), and remains under a consent order from FTC for deceiving consumers and failing to keep consumer data private. In the first quarter of 2019 alone, Facebook has also removed more than 2.2 billion fake accounts, including those displaying terrorist propaganda and hate speech.[5]It has also recently been sued by both civil rights groups[6] as well as the U.S. Department of Housing and Urban Development for violating fair housing laws on its advertising platform and through its ad delivery algorithms.[7]

Because Facebook is already in the hands of a over quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action. During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.

Sincerely,

Rep. Maxine Waters, Chairwoman

Rep. Carolyn Maloney, Chair – Subcommittee on Investor Protection, Entrepreneurship and Capital Markets

Rep. Wm. Lacy Clay, Chair – Subcommittee on Housing, Community Development and Insurance

Rep. Al Green, Chair – Subcommittee on Oversight and Investigations

Rep. Stephen F. Lynch, Chair – Task Force on Financial Technology

[1] The 27 other members of the Libra Association are Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa, Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc., Iliad, Vodafone Group, Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited, Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures, Creative Destruction Lab, Kiva, Mercy Corps, and Women’s World Banking

[2] See, e.g. The Honorable Randal K. Quarles, Vice Chairman of Supervision for the Board of Governors of the Federal Reserve System and Chair of the Financial Stability Board, Financial Stability Board Chair’s letter to G-20 Leaders meeting in Osaka, June 25, 2019, https://www.fsb.org/2019/06/fsb-chairs-letter-to-g20-leaders-meeting-in-osaka/. (“A wider use of new types of crypto-assets for retail payment purposes would warrant close scrutiny by authorities to ensure that that they are subject to high standards of regulation.”); Bank of International Settlements Annual Economic Report, Big tech in finance: opportunities and risks, June 23, 2019, https://www.bis.org/publ/arpdf/ar2019e3.htm. (“Big techs have the potential to become dominant through the advantages afforded by the data-network activities loop, raising competition and data privacy issues. Public policy needs to build on a more comprehensive approach that draws on financial regulation, competition policy and data privacy regulation… As the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities – national and international – is crucial.”)

[3] CipherTrace Cryptocurrency Intelligence, Cryptocurrency Anti-Money Laundering Report, 2018 Q3 https://ciphertrace.com/wp-content/uploads/2018/10/crypto_aml_report_2018q3.pdf.

[4] Kevin Granville, Facebook and Cambridge Analytica: What You Need to Know as Fallout Widens, (March 19, 2018).

[5] Facebook, Community Standards Enforcement Report (2019 Q1).

[6] Complaint, Nat’l Fair Housing Alliance et al. v. Facebook, Inc., No. 18-cv-02689 (S.D.N.Y Mar. 27, 2018), https://nationalfairhousing.org/wp-content/uploads/2018/03/NFHA-v.-Facebook.-Complaint-w-Exhibits-March-27-Final-pdf.pdf.

[7] Charge of Discrimination, U.S. Dep’t of Housing & Urban Development v. Facebook, Inc., FHEO No. 01-18-0323-8 (March 28, 2019), https://www.hud.gov/sites/dfiles/Main/documents/HUD_v_Facebook.pdf.

This article originally appeared in the Seattle Medium

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Activism

Oakland Post: Week of October 30 – November 5, 2024

The printed Weekly Edition of the Oakland Post: Week of October 30 – November 5, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

“Two things can be true at once.” An Afro-Latina Voter Weighs in on Identity and Politics

“As a Puerto Rican I do not feel spoken to in discussions about Latino voters… which is ironic because we are one of the few Latino communities who are also simultaneously American,” Ortiz-Cedeño says. Puerto Ricans born in Puerto Rico, a U.S. territory, have American citizenship by birth but they do not have the right to vote for president if they live on the island. “I think that we miss out on a really interesting opportunity to have a nuanced conversation by ignoring this huge Latino population that is indigenously American.”

Published

on

Keyanna Ortiz-Cedeño at her graduation from UC Berkeley after receiving her master’s degree in City Regional Planning. Alongside her, are her parents holding a Puerto Rican flag. Courtesy photo.
Keyanna Ortiz-Cedeño at her graduation from UC Berkeley after receiving her master’s degree in City Regional Planning. Alongside her, are her parents holding a Puerto Rican flag. Courtesy photo.

By Magaly Muñoz

On a sunny afternoon at Los Cilantros Restaurant in Berkeley, California, Keyanna Ortiz-Cedeño, a 27-year-old Afro-Latina with tight curly hair and deep brown skin, stares down at her carne asada tacos, “I’ve definitely eaten more tortillas than plantains over the course of my life,” says Cedeño, who spent her childhood in South Texas, among predominantly Mexican-American Latinos. As she eats, she reflects on the views that American politicians have of Latino voters.

“As a Puerto Rican I do not feel spoken to in discussions about Latino voters… which is ironic because we are one of the few Latino communities who are also simultaneously American,” Ortiz-Cedeño says. Puerto Ricans born in Puerto Rico, a U.S. territory, have American citizenship by birth but they do not have the right to vote for president if they live on the island. “I think that we miss out on a really interesting opportunity to have a nuanced conversation by ignoring this huge Latino population that is indigenously American.”

Ortiz-Cedeño, an urban planner who is focused on disaster resilience, homelessness and economic prosperity for people of color, says that political conversations around Latinos tend to shift towards immigration, “I think this ties back into the ways that our perception of ‘Latino’ tends to be Mexican and Central American because so much of our conversation about Latinos is deeply rooted in what’s happening on the border,” she says. “I don’t think that the Afro-Latino vote is frequently considered when we’re talking about the Latino vote in the United States.”

Primarily surrounded by Mexican-Americans while growing up in South Texas, Keyanna participated in many Chicano cultured events, such as being a dama in several quinceñeras. Courtesy photo.

Primarily surrounded by Mexican-Americans while growing up in South Texas, Keyanna participated in many Chicano cultured events, such as being a dama in several quinceñeras. Courtesy photo.

As Ortiz-Cedeño sifts through childhood photos of her as a happy teen dancing with the Mexican ballet folklorico group in high school and as a dama in quinceñeras, she reflects on growing up in South Texas, an area with a large population of white and Mexican-Americans. The Black population was small, and within it, the Afro-Latino population was practically nonexistent.

“It was interesting to try to have conversations with other Latinos in the community because I think that there was a combination of both willful ignorance and a sort of ill intent and effort to try and deny my experience as a Latino,” she says. “There are a lot of folks in Latin America who experience a lot of cognitive dissonance when they think about the existence of Black Latinos in Latin America.

Ortiz-Cedeño comments on the long history of anti-Blackness in Latin America. “Throughout Latin America, we have a really insidious history with erasing Blackness and I think that that has been carried into the Latino American culture and experience,” she says. “People will tell you, race doesn’t exist in Latin America, like we’re all Dominicans, we’re all Puerto Ricans, we’re all Cubans, we’re all Mexicans. If you were to go to the spaces with where people are from and look at who is experiencing the most acute violence, the most acute poverty, the most acute political oppression and marginalization, those people are usually darker. And that’s not by accident, it’s by design.”

Because of the lack of diversity in her Gulf Coast town, as a teenager, despite being the only Spanish-speaker at her job in Walmart, Latinos refused to ask for her help in Spanish.

“Even if monolingual [Spanish-speaking] people would have to speak with me, then they were trying to speak English, even though they could not speak English, versus engaging with me as a Latina,” she says.

“I think that the perception of Latinos in the United States is of a light brown person with long, wavy or straight hair. The perfect amount of curves and the perfect combination of Indigenous and white genes. And very rarely will people also consider that maybe they also have a sprinkle of Blackness in them as well,” she says. “Over 90% of the slave trade went to the Caribbean and Latin America.”

Keyanna as a toddler, holding a whiteboard up with her last name, Ortiz-Cedeño, on it. Courtesy photo.

Keyanna as a toddler, holding a whiteboard up with her last name, Ortiz-Cedeño, on it. Courtesy photo.

Ortiz-Cedeño remembers when a Cuban family moved in next door to her in Texas. The teen daughter had blue-eyes, blonde hair and only spoke Spanish, which caused neighboring Latinos to take pause because she didn’t fit the Latino “look” they were used to.

“People didn’t have an option to try and negate her [Latino] identity because they had to acknowledge her for everything that she was,” Ortiz-Cedeño says.

Later on, the girl’s cousins, a Black, Spanish-speaking Cuban family, came into town and again locals were forced to reckon with the fact that not all Latinos fit a certain criteria.

“I think it forced everybody to have to confront a reality that they knew in the back of their mind but didn’t want to acknowledge at the forefront,” Ortiz-Cedeño says.

Having gone through these experiences as an Afro-Latina, Ortiz-Cedeño says it’s easy for her to understand Kamala Harris’ mixed Indian and Jamaican heritage, “It comes really naturally to accept that she is both Indian and Black. Two things can exist at the same time,” she says. “I had a long term partner for about seven years who was South Indian, from the same state as Kamala Harris, so if we had had a kid, they would look like [Harris],” Ortiz-Cedeño jokingly shares.

She says she can relate to having to walk the road of people only wanting to see Harris as a Black American. The talking point about [Harris] not being Indian or not being Black, just deciding to be Black, is really disingenuous and cheap,” she says.

Ortiz-Cedeño believes that the Harris campaign has not capitalized on the vice president’s mixed identity, which could be vital in bringing together different communities to understand each other on a new level and allow for improvements on America’s racial dynamics.

Keyanna co-managed a recovery center with her mother after Hurricane Harvey. They packed essentials, such as diapers, food, and water for families in need. Courtesy photo.

Keyanna co-managed a recovery center with her mother after Hurricane Harvey. They packed essentials, such as diapers, food, and water for families in need. Courtesy photo.

As she rushes into a Berkeley Urban Planning Commission meeting straight out of Ashby BART station, Ortiz-Cedeño explains her love for talking about all things infrastructure, homelessness, and healthcare access. The topics can be dry for many, she admits, but in the end, she gets to address long-standing systemic issues that often hinder opportunities for growth for people of color.

Having lived through the effects of Hurricane Katrina as a child, with the flooding and mass migration of Louisiana residents into Texas, Ortiz-Cedeño was radicalized into issues of displacement, emergency mitigation, and housing at nine years old.

“I remember my principal had to carry her students on her shoulders and swim us home because so many parents were trying to drive in and get their kids from school [due to] the flooding that was pushing their cars away,” she recalls.

Her family relocated to Houston soon after Katrina, only to be met with a deadly Hurricane Rita. They wound up in a mega-shelter, where Ortiz-Cedeño says she heard survivors stories of the unstable conditions in New Orleans and beyond, which got her wondering about urban planning, a term she wasn’t familiar with at the time.

“I think that when you put people in the context of the things that were happening in this country around [these hurricanes], a lot of us started to really think seriously about who gets to make decisions about the urban environment,” she adds.

Watching the heavy displacement of disaster survivors, hearing stories of her Navy veteran father’s chronic homelessness, and her own mother’s work and activism with homeless communities in the non–profit sector put her on the path to progressive politics and solutions, she says. After attending college on the East Coast- where she says she was finally recognized as a Puerto Rican- and working in housing, economic development, and public policy, she returned to California to earn a Master’s in City Regional Planning from UC Berkeley.

Young Keyanna volunteering at a beach clean up. Activism and giving back to her community has always been a key part of her upbringing. Courtesy photo.

Young Keyanna volunteering at a beach clean up. Activism and giving back to her community has always been a key part of her upbringing. Courtesy photo.

Her vast interest in the urban success of underserved communities even took her abroad to Israel and Palestine when she was an undergraduate college student. “I’ve seen the border with Gaza, I’ve had homestays with farmers in the West Bank,” she says. “For me personally, Palestine is an issue that is really close to the heart.”

“I have a very intimate understanding of the conflict and I’m very disturbed by the way in which the [Democratic] party has not been willing to engage in what I would perceive to be a thoughtful enough conversation about the conflict,” Ortiz-Cedeño says. “The issue of Palestine is going to be one of those that is a make or break issue for her. It has not been one that has been taken seriously enough by the party.”

Ortiz-Cedeño is not under the illusion that one candidate will address every policy issue she wants to see tackled by the president. But she believes it’s better than what former President Donald Trump has to offer.

“Trump has made it very clear what his intentions are with Palestine, and what his relationship is with [Benjamin] Netanyahu,” Ortiz-Cedeño says. “I understand the political strategy that many people are trying to engage in by withholding their vote, but I would also encourage them to re-engage in the political process.”

Casting her vote for Harris is a decision grounded in calculation rather than outright support. “I think I can vote in this election in order to have harm reduction… because I have deep care and concern for other communities that are going to be impacted by a Trump presidency,” Ortiz-Cedeño says.

She also hopes that American politicians will consider the nuance and perspective that Afro-Latinos bring to the table when it comes to politics, policy, and race in America, “When we don’t think expansively about who is Latino in the United States, the breadth of Latino experiences in the United States, we miss an opportunity to capture how diverse Latinos interests are politically.”

This story was reported in collaboration with PBS VOCES: Latino Vote 2024.

Continue Reading

California Black Media

Ahead of Nov. Election, Event to Check Pulse of California’s Political Landscape

The Public Policy Institute of California is hosting a “2024 Speaker Series on California’s Future,” a preview event outlining the political landscape of the state and the nation ahead of the upcoming November elections. The event, which will be held Sept. 26 from 12 noon to 1 p.m., will include a panel of prominent political journalists who will assess the mood of the electorate and discuss themes and issues that are likely to shape the election outcome in November.

Published

on

PPIC
PPIC

By Bo Tefu, California Black Media

The Public Policy Institute of California is hosting a “2024 Speaker Series on California’s Future,” a preview event outlining the political landscape of the state and the nation ahead of the upcoming November elections.

The event, which will be held Sept. 26 from 12 noon to 1 p.m.,   will include a panel of prominent political journalists who will assess the mood of the electorate and discuss themes and issues that are likely to shape the election outcome in November.

The welcome and opening remarks of the event will be led by Tani Cantil-Sakauye, the president and chief executive officer of the PPIC. The discussion will be moderated by FOX 11 news anchor Elex Michaelson, journalists joining the conversation include senior political writer Joe Garofoli of the San Francisco Chronicle, national politics reporter Astead Herndon of the The New York Times, political correspondent for KQED Marisa Lagos, and senior political reporter POLITICO Melanie Mason.

A statewide survey by the PPIC revealed key findings that highlighted people’s concerns regarding candidates of choice for the 2024 presidential election, the 10 state propositions on the ballot, and the financial direction of the state in the next 12 months.

Since Vice President Kamala Harris replaced President Joe Biden as the Democratic Party standard bearer, 6 in 10 California likely voters support the Democratic presidential ticket compared to the Republican party and other candidates.

“Californians’ support for the Democratic presidential candidate — and partisans’ overwhelming preference for their party’s candidates — were the consistent trends before Harris replaced Biden,” the survey report stated.

Among the 10 ballot measures, approximately 71% of voters are expected to vote yes on Proposition 36, allowing felony charges and increased sentences for some drug and theft crimes.

According to the survey, the majority of voters, “think it is a good thing that a majority of voters can make laws and change public policies by passing initiatives.” Voters agree that initiatives on the ballot, “bring up important public policy issues that the Governor and Legislature have not adequately addressed.”

The survey also revealed that nearly half of voters think the state and country are headed in the wrong direction and expect financial struggles in the next 12 months.

The event will be held at the Sheraton Grand Hotel in Sacramento.

The PPIC Speaker Series on California’s Future invites thought leaders and changemakers to address challenges in the state. Residents can visit the PPIC website for more information and register for the event available online and in person.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Activism21 hours ago

Oakland Post: Week of October 30 – November 5, 2024

Keyanna Ortiz-Cedeño at her graduation from UC Berkeley after receiving her master’s degree in City Regional Planning. Alongside her, are her parents holding a Puerto Rican flag. Courtesy photo.
Activism3 days ago

“Two things can be true at once.” An Afro-Latina Voter Weighs in on Identity and Politics

PPIC
California Black Media4 days ago

Ahead of Nov. Election, Event to Check Pulse of California’s Political Landscape

Stock Photo
Alameda County4 days ago

Access Better Health with Medically Tailored Meals – Transforming Health Through Nutrition for Medi-Cal Patients

Courtesy of National Archives, Washington, D.C.
Art4 days ago

A Prolific Painter: Artist and Advocate Lois Mailou Jones

iStock Photo
California Black Media4 days ago

Not So Sweet: California State Health Campaign Highlights Dangers of Sugary Drinks

Yahushua Robinson
California Black Media4 days ago

New California Law Will Protect Students During Extreme Weather

California Secretary of State Dr. Shirley N. Weber. Photo Courtesy of ShirleyWeber.com.
California Black Media4 days ago

More Than 1.2 Million Youth Pre-Registered to Vote, Secretary of State Weber Announced

Courtesy of Art Harris.
Black History4 days ago

Health is Our Wealth: An Afrocentric Perspective to Health & Wellness

On Sept. 19, California Gov. Gavin Newsom signed a bipartisan legislative package to improve housing initiatives and address the homelessness crisis.
California Black Media4 days ago

Gov. Newsom Signs Legislative Package to Increase Housing, Improve Accountability

Shutterstock
Activism4 days ago

On Your November Ballot: Prop 6 Could End “Involuntary Servitude” in California Prisons

Minister King X
Activism4 days ago

Minister King X, Civil Rights Group Sue California Prisons Over Right to Protest

Photo courtesy UC Berkeley News.
Community4 days ago

Advanced Conductors Provide Path for Grid Expansion

U.S. Supreme Court Justice Ketanji Brown Jackson and Blanche Richardson of Marcus Books. Photo by Cherysse Calhoun.
Arts and Culture4 days ago

Faces Around the Bay: Blanche Richardson

Jack Smith during a statement regarding the indictment of Donald J. Trump. (Wikimedia Commons)
Community4 days ago

New Filing: Trump’s Attempts to Overturn 2020 Election Were Part of Private Scheme, Not Official Acts

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.