The U.S. Senate demanded that Facebook stop developing the Novi wallet

On October 19, Facebook announced the launch of testing it’s own wallet. In this connection, senators asked Mark Zuckerberg to stop it’s development.
The U.S. Senate demanded that Facebook stop developing the Novi wallet

A group of senators urged the head of Facebook to curtail the development of the crypto wallet Novi and the Diem stablecoin. The senators recalled that the company has repeatedly pledged not to bring stablecoin to market. In their letter, Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren and Tina Smith noted the following:

“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape-not only for Diem specifically, but also for stablecoins in general,” the senators wrote in a letter.

The reason the senators are asking Facebook to drop the development of stableccoin and the wallet is because the government has just begun to investigate the risks associated with steibcoins and what problems they may pose.

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