Testimony & Letters

Open Markets Institute, Public Citizen, Demand Progress Education Fund, and Revolving Door Project Letter to 27 Libra Consortium Partners

July 19, 2019

Open Markets, Public Citizen, Demand Progress Education Fund, and Revolving Door Project sent a joint letter to all 27 partners of Facebook’s Libra Consortium demanding they walk away from the project.

Citing bipartisan concern from lawmakers at the July 16th Senate Banking Committee hearing, the letter implores them to consider the competitive, political, financial and social implications of the currency being realized, and makes a direct plea for Libra’s launch partners to withdraw from the project.

“We understand that Facebook is a powerful company, and that it has in part generated a climate of fear with its market dominance,” the letter states. “But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation, and not intimidation by the powerful.”

Read the full letter here.