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Facebook's Libra Project Is Getting Hammered From All Sides, With Fed Chair Raising 'Serious Concerns'

Facebook's Libra Project Is Getting Hammered From All Sides, With Fed Chair Raising 'Serious Concerns'

On Thursday July 11, 2019, Tom McKay at Gizmodo wrote:
Facebook’s already-troubled Libra cryptocurrency project, which has already run into significant opposition among the U.S. House Committee on Financial Services and the Senate Banking Committee, is running headlong into further resistance from regulators.

About the Author:

We come from the future. Tom Mckay has recently written 10 articles on similar topics including banking, facebook:
  • "Google has begun rolling out features first announced in May that will allow users to set a time limit after which the giant will automatically delete location history rather than continue to hoard it forever, per TechCrunch. Another feature to do the same with web and app histories also appears to have launched". (June 27, 2019)
  • "The U.S. Senate Banking Committee is set to scrutinize Facebook’s cryptocurrency ambitions at a hearing set for July 16, Reuters reported on Wednesday, in yet another sign that legislators are extremely wary (to put it mildly) of the company’s shift into global financial services". (June 20, 2019)
  • "Santa Clara County Superior Court Judge Brian Walsh rejected tech giant Google’s efforts to have a lawsuit originally brought by ex-Google engineer James Damore dismissed, the Mercury News reported on Friday, meaning that the case can now proceed into the discovery phase". (June 9, 2019)
  • "Clinical lab testing titan Quest Diagnostics acknowledged in a press release on Monday that an “unauthorized user” had gained access to personal information on around 11.9 million customers, including some financial and medical data". (June 4, 2019)
  • "Facebook and its subsidiaries Instagram and WhatsApp experienced widespread outages on Sunday for the second time in the past month (and the third time this year), with issues reported starting at around 6:30 a.m. ET and extending until around 9:00 a.m. ET". (April 14, 2019)
  • "Facebook has been prompting some users registering for the first time to hand over the passwords to their email accounts, the Daily Beast reported on Tuesday—a practice that blares right past questionable and into “beyond sketchy” territory, security consultant Jake Williams told the Beast". (April 3, 2019)
  • "Facebook CEO Mark Zuckerberg—whose company has blundered its way into controversies over everything from user privacy and data breaches to amplification of extremist content and literal genocide as of late—responded to growing criticism of the tech sector by calling for more outside regulation in an op-ed in the Washington Post (and on his own personal Facebook page) on Saturday". (March 31, 2019)
  • "Google’s bug-zapping Project Zero team has uncovered what it said was a “high-severity” flaw in the macOS kernel, Wired reported on Monday, and revealed the details on March 1 following the expiration of a 90-day period for Apple to patch the exploit". (March 5, 2019)
  • "Facebook CEO Mark Zuckerberg is fond of suggesting that all the criticism of his globe-spanning social media empire comes from either the misinformed or the malicious. In fact, Facebook is really all about protecting the privacy of its users! That’s the line he took in a Wednesday interview with Harvard Law Professor Jonathan Zittrain, CNBC reported". (February 21, 2019)
  • "Google has had a lawsuit in Illinois over its facial-recognition software thrown out, with a judge dismissing the case on the grounds that the plaintiff in the case did not suffer “concrete injuries,” Bloomberg reported on Saturday. The ruling puts to rest one of three lawsuits against major tech companies for alleged violations of the state’s Biometric Information Privacy Act (BIPA), with the Verge noting that cases against Facebook and Snapchat are still pending". (December 30, 2018)