A top Facebook executive on Wednesday refused demands by Rep. Maxine Waters and other Democrats to delay work on the company's new digital currency despite growing concern about risks it will pose to the global economy.
Waters and other lawmakers raised alarms about what Facebook's foray into finance meant not only for consumer privacy, in light of its poor track record of protecting user data, but also national security, given the questions about the anonymity Libra might afford money launderers and terrorism financiers.
"We're told by some that innovation is always good," Rep. Brad Sherman said. "The most innovative thing that happened this century is when Osama Bin Laden came up with the innovative idea of flying two airplanes into towers. That's the most consequential innovation, although this may do more to endanger America than even that."
"Chairwoman, I agree with you that this needs to be analyzed, understood and the proper oversight needs to be set up before Libra can launch," Marcus said.In addition to clashing with Democrats over the timing, Marcus quibbled with lawmakers’ suggestions for how Libra might be regulated. "So, we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations," she said.
But, well aware of its damaged reputation, the company has stressed that Libra's management will be led by dozens of additional companies that are members of the Libra Association and that there will be competing wallets for users if they don't trust Facebook.
I’ve been saying this for some time now and will continue to about this particular organization. downfall of our society, as we know it.
I don’t see how this differs from Bitcoin which is already in circulation?
rhonda_harbison
The Facebook Motto: 'Move fast and break things [even if it's our political system, social fabric, or economy].' Apparently the Facebook way is to throw caution to the wind--even when people are telling you it's a VERY, VERY bad idea. Who wants to trust them with your currency?
trump is more risky than libra
Because MadMax is so adept at handling finance geeks as evidenced by her performance with bank CEOs regarding student loans.
My GOSH i just took a second look at that screwed up mouth and thinking glasses down on nose that far makes her look tough. Ha!Ha!
Of course you're not going to delay planning, but you will delay bringing it to market.
No wonder. Watters should never have been the face and mouth of tweeter about anything! She's one of the most sneaky, loud mouthed, lying Democrat's. Truthfully don't know how she got elected to clean up porta potties! I'm sure her lying promises helped get her in.
No better way to put doubt into the governments objective than to feature a photo of RepMaxineWaters .
It's not a national currency that a population is required to use. If you think it's dodgy and unsafe (which I do), then don't buy into it (I'm sure not going to). Problem solved. Libra
Because people will be too busy laughing to go to work?
Bitcoin has been totally corrupted by the rogue nations of the world. It is a major source of funds for North Korea. Given Facebook's spotty history with protecting their site from aggressors, they are certainly not the ones to enter this market.
Google is building cities ie Toronto Canada as a test piolet which will sidestep local government making Google the cities governing force. Facebook is coming out with its own currency. People are insane for allowing this and participating. What could possibly go wrong?
Facebook is EVIL. Get off it and stay off it, and it will go away. You don't have to participate in their bullshit.
Time to do something about FB!
Haha, Facebook sucks!!!👎🏿
When did private companies start making their own currencies? I want my own money too. Every note will have a picture of a cat on it.
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