Yesterday’s US Congress hearing was largely about lambasting Libra and Facebook’s financial global domination ambitions. A few other snippets emerged from the meeting, however, and not all are bad for bitcoin and the crypto industry.
Libra Lambasted … Again
The consensus of opinion from senators at yesterday’s hearing was that Facebook is dangerous and any efforts at launching its own digital currency should be highly regulated, if allowed at all. This comes as no surprise considering the company’s recent debacle with data protection and cyber security. The social media giant has yet to demonstrate that it is trustworthy enough to handle global finance and congress hammered that point home.
The “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations” hearing followed one on keeping big tech out of finance, which is clearly the agenda here. Calibra head, David Marcus, was in the hot seat again facing some serious questions, many of which he could not find answers for.
Facebook has clearly…