Facebook Inc is"delusional" to believe people will trust it with their money, a U.S. senator said as lawmakers from both sides of the aisle grilled the social media company on its plans for a digital currency at a hearing on Tuesday.
"Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust," Sen. Sherrod Brown, D-Ohio, the ranking member of the Senate Banking Committee, said in his opening remarks."We'd be crazy to give them a chance to let them experiment with people's bank accounts." He received a frosty welcome from Democrats lawmakers and several Republicans, who shared many of the same concerns.
Prior to announcing its Libra plans Facebook was already facing significant backlash over mishandling user data and not doing enough to prevent Russian interference in the 2016 U.S. presidential election. The social media company has pledged that its payments subsidiary called Calibra will only share customer data with Facebook and external third parties if it has consent, or in"limited cases," where it is necessary.
One former employee told Reuters the company tried to keep the project under wraps even internally - staff who were not involved knew little about it, not even that it was operating under the name Libra.
DeleteFacebook
Side Note: I was looking at all types of news for the last 2 weeks and MSNBC doing the same thing they did in 2016 they have all these political analyst on downing Bernie Sanders like he ain't s*** like he's not running for president
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Senate to grill Facebook over plans for Libra cryptocurrencyU.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its... libra is not a cryptocurency!!! So they want the crypto to be controlled like money. Thankfully the crypto market is big and these crooks won’t be able to control it. cryptocurrency Are we talking about the same Senate that doesn’t even know how to use Facebook
Source: Reuters - 🏆 2. / 97 Read more »
U.S. Senate opens hearing into Facebook plans for Libra cryptocurrency'Facebook has demonstrated through scandal after scandal that it doesn't deserve our trust,' Sen. Sherrod Brown said in his opening remarks.
Source: NBCNews - 🏆 10. / 86 Read more »
Facebook’s Libra cryptocurrency project gets blistering reception from SenateFacebook Inc.’s controversial Libra cryptocurrency project encountered a blistering reception from the Senate Banking Committee Tuesday morning despite... Duh 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 I hope Congress shuts libra down it's a sham
Source: MarketWatch - 🏆 3. / 97 Read more »
Facebook Faces Bipartisan Resistance to Cryptocurrency PlansU.S. officials ranging from Treasury Secretary Steven Mnuchin, a Republican, to Rep. Maxine Waters, the Democratic chairwoman of a powerful House committee, came out swinging against Facebook’s Libra project. LIBOR SUCKS! The only entity I trust less than the federal government is Facebook. I don't see how they can legally do it without government approval
Source: WSJ - 🏆 98. / 63 Read more »
Mnuchin calls Facebook’s cryptocurrency plan ‘a national security issue’Treasury Secretary Steven T. Mnuchin joined a parade of policymakers and politicians who have bashed Facebook's proposed cryptocurrency. If Mnuchin hates it, I'm in. Why? Are they afraid it will undermine the US dollar or something?
Source: latimes - 🏆 11. / 82 Read more »