'Facebook is already too big and too powerful': Senate to dig into Libra, the tech giant's new crypto project

Business Insider | 4/11/2018 | Matt Weinberger
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The US Senate Banking Committee plans to hold a hearing on Facebook's newly announced Libra cryptocurrency project on July 16, Reuters reported.

On Tuesday, Democratic Sen. Sherrod Brown of Ohio, the ranking member of the committee, responded to the announcement of Libra with concern: "Facebook is already too big and too powerful."

Facebook - Control - Coin - Libra - Association

Facebook has ceded control of the coin to the Libra Association, a consortium of companies that will manage the cryptocurrency. However, Libra's start at Facebook seems poised to put it under significant scrutiny.

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US - Senate - Banking - Committee - Hearing

The US Senate Banking Committee plans to hold a hearing to discuss Libra, Facebook's newly announced cryptocurrency project, on July 16, Reuters reported.

The hearing will also examine any issues of data privacy stemming from the project, according to the report. Witnesses at the hearing haven't yet been announced, Reuters reported.

News - Hearing - Day - Sen - Sherrod

News of the hearing comes a day after Democratic Sen. Sherrod Brown of Ohio, the ranking member of the committee, expressed his concerns over Libra and what it could mean for the power Facebook holds over its users.

"Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. I'm calling on our financial watchdogs to scrutinize this closely to ensure users are protected," Brown said in a statement on Tuesday in the wake of the announcement of Libra.

Time - Committee - Concern - Facebook

It's not the first time that the committee has expressed concern over Facebook's...
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