What Facebook is proposing with its Libra cryptocurrency is no less than a global financial system rivaling the U.S. dollar but shielded from regulatory oversight, Rep. Maxine Waters warned Wednesday.

“The company and its partners will wield immense economic power that could destabilize currencies and government,” said Waters, the California Democrat who chairs the House Financial Services Committee.

Recommended Stories

House Republicans subpoena New Jersey secretary of state over noncitizen voter registration

The conservative who said yes to Bucks County, USA

The Trump administration’s evolving Starshield deflection