A top Facebook executive refused demands by Democrats to delay work on the company's new digital currency despite growing concern about risks it will pose to the global economy
A top Facebook executive on Wednesday refused demands by Rep. Maxine Waters and other Democrats to delay work on the company's new digital currency despite growing concern about risks it will pose to the global economy.
Waters and other lawmakers raised alarms about what Facebook's foray into finance meant not only for consumer privacy, in light of its poor track record of protecting user data, but also national security, given the questions about the anonymity Libra might afford money launderers and terrorism financiers.
"We're told by some that innovation is always good," Rep. Brad Sherman said. "The most innovative thing that happened this century is when Osama Bin Laden came up with the innovative idea of flying two airplanes into towers. That's the most consequential innovation, although this may do more to endanger America than even that."
"Chairwoman, I agree with you that this needs to be analyzed, understood and the proper oversight needs to be set up before Libra can launch," Marcus said.In addition to clashing with Democrats over the timing, Marcus quibbled with lawmakers’ suggestions for how Libra might be regulated. "So, we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations," she said.
But, well aware of its damaged reputation, the company has stressed that Libra's management will be led by dozens of additional companies that are members of the Libra Association and that there will be competing wallets for users if they don't trust Facebook.
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