WASHINGTON (Reuters) – Facebook Inc will face more questioning on Wednesday by U.S. lawmakers over its planned cryptocurrency after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted.
The social media company is fighting to get Washington on its side after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.
Criticism - Policymakers - Watchdogs - Home - Adoption
Since then, it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook’s 2.38 billion users could upend the financial system.
On Tuesday, the Facebook executive overseeing the project, David Marcus, was grilled by the Senate Banking Committee on the possible risks posed by Libra to data privacy, consumer protections and money...
Wake Up To Breaking News!