Facebook Libra cryptocurrency hearing highlights social network's trust problems

CNET | 7/16/2019 | Queenie Wong
hey13 (Posted by) Level 4
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David Marcus, who leads Facebook's blockchain efforts, testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee.

US lawmakers on Tuesday expressed skepticism about Facebook's plans to launch a new cryptocurrency called Libra in 2020, highlighting the trust issues that continue to plague the world's largest social network.

Senators - Facebook - Blockchain - Boss - David

Numerous senators told Facebook's blockchain boss David Marcus during a congressional hearing that it simply didn't trust the social network given the company's bad track record when it comes to privacy and security. The lawmakers brought up a list of Facebook scandals, including how the social network was exploited for election meddling and played a role in furthering hate speech that fueled a genocide in Myanmar.

Sen. Sherrod Brown, an Ohio Democrat, compared the social network to a toddler playing with matches.

Facebook - House - Arson - Experience - Brown

"Facebook has burned down the house over and over and called every arson a learning experience," Brown said. Launching a cryptocurrency, he said, is simply a "bad idea."

Marcus defended the social network's cryptocurrency plans and vowed not to launch Libra before addressing regulatory concerns.

America - Innovation - Currency - Payments - Area

"If America doesn't lead innovation in digital currency and payments area, others will," Marcus said before the US Senate Committee on Banking, Housing, and Urban Affairs.

He noted that Facebook is launching the cryptocurrency along with 27...
(Excerpt) Read more at: CNET
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