“Do you really think people should trust Facebook with their hard-earned money?” said Sen. Sherrod Brown (D-Ohio), the top Democrat on the banking panel. “I just think that is delusional.”
Republican and Democratic senators sharply questioned Facebook Inc.’s plan to create its own digital money, adding to a chorus of skepticism across Washington and underscoring the challenges the social media giant faces in getting its cryptocurrency off the ground.
Senate Banking Committee Chairman Mike Crapo credited Facebook for trying to build a faster and less expensive way for consumers to move money around the world, but said he was concerned about Facebook’s “massive reach and influence” and the vast amount of personal information it keeps. Even as the rhetoric rose, Tuesday’s hearing focused attention on how cryptocurrencies should be overseen by the federal government. At least half a dozen agencies — including the Fed, the Securities and Exchange Commission and parts of the Treasury — have some say in the matter, but none has taken a lead role.
Bitcoin’s price declined during the hearing, dropping as much as 8.9% on the day. The currency fell to $9,951.89 as of 9:52 a.m. Pacific. It’s down more than 16% this week. He also emphasized that Facebook is just one of dozens of companies involved in Libra, and said that his company’s control over the coin would be limited.
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