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Congress grills Facebook over cryptocurrency plans with Libra

Congress grills Facebook over cryptocurrency plans with Libra

On Wednesday July 17, 2019, Axios wrote:
The tech giant faces a host of worldwide legal and regulatory issues.

Given Facebook's multitude of missteps and scandals over the past two years, it's no surprise that legislators are skeptical of the company's plans to launch a new cryptocurrency called Libra.

Why it matters: Facebook faces a host of legal and regulatory issues around the globe amid concerns over privacy, data sharing and money laundering.

Details: Members of the Senate Banking Committee piled on their concerns, expressed particularly strongly by Sen. Sherrod Brown:

Meanwhile, CNBC reports that the Swiss regulator Marcus said will oversee Libra has yet to hear from the currency's backers.

About the Author:

Smart, efficient news worthy of your time, attention, and trust Axios has recently written 10 articles on similar topics including cryptocurrencies:
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