WASHINGTON - Facebook Inc is “delusional” to believe people will trust it with their money, a U.S. senator said on Tuesday 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.
Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant’s 2.38 billion users could upend the financial system. The Senate Banking Committee is questioning David Marcus, the company’s top executive overseeing the project, on issues ranging from how Libra could affect global monetary policy to how customer data will be handled.
Marcus, who was president of PayPal from 2012 to 2014, tried to assuage concerns in his opening remarks by promising that Facebook will not begin offering Libra until regulatory issues are addressed. “We know we need to take the time to get this right,” Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, said.
McSally asked Marcus how consumers could trust Facebook not to share their payments data. “I know we have to earn people’s trust for a very long period of time,” Marcus said.
Child Killer Emperyalism and Siyonism...
Politicians of ALL stripes HATE Facebook/Libra. Therefore it MUST be a GOOD idea.
Why all of the world ban cryptocurrency?dont they know the danger?or they are also invilve in it
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Senators grill Facebook on its 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. 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 DeleteFacebook
Source: MSNBC - 🏆 469. / 51 Read more »
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 »
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 »
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 »