Facebook’s Libra cryptocurrency project gets blistering reception from Senate

Facebook Inc.’s controversial Libra cryptocurrency project encountered a blistering reception from the Senate Banking Committee Tuesday morning despite assurances from the social-media giant that it will comply with banking regulations and offer secure transactions.

The hearing, the first of two on Libra this week on Capitol Hill, underscores a general distrust of Facebook FB, +0.15% which reached a record $5 billion settlement with the Federal Trade Commission last week over its data-privacy practices and is likely to be the target of a Justice Department investigation on antitrust matters. The Senate committee’s doubts mirror those of consumers and privacy advocates who question why individuals should entrust Facebook with financial information.

Their skepticism is compounded by the uncertainty over how -- and whether -- developing countries are capable of handling the currency. Cuban is particularly concerned about the veracity of digital currency in countries with poor infrastructure and unstable governments. There was some level of support for the planned currency. Sen. Pat Toomey, R-Pa., said it would be presumptuous to “strangle the baby in the crib” and not explore its potential.

I hope Congress shuts libra down it's a sham

Congress just mad that they aren’t personally profiting off the tech. If our govt had control of the tech...would you trust the people in govt? As far as I know...they are not saints...but rather power hungry greedy individuals like everyone else. Hypocrits FakeOutrage Privacy

Duh

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