Facebook Inc will face more questioning on Wednesday by U.S. lawmakers over its ...
FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
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. 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 laundering controls. Senator Sherrod Brown, the top Democrat on the panel, said the currency plan was “delusional.”
Marcus, who was president of PayPal from 2012 to 2014, will testify before Congress again on Wednesday, this time before the Democrat-controlled House Financial Services Committee.
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