Facebook’s foray into crypto has made the firm few friends in political circles. The Libra backlash has been so bad that it has painted bitcoin and the rest of the crypto industry in a bad light. This week US senators have ramped up their rhetoric against internet monopoly and its lofty banking ambitions.
Facebook: Crypto a Crisis
A high ranking member of the Senate Banking Committee has lashed out at Libra again this week when he compared it to the subprime mortgage crisis that caused the 2008 global recession. According to Yahoo Finance, Senator Sherrod Brown pulled no punches in his opening remarks during the assembly.
Before they blew up the economy in 2008, bankers were pitching an ‘innovative’ new product called subprime mortgages. Just like Facebook – which claims its new currency will help the unbanked and underbanked – these mortgages were supposed to help people who never had access to credit achieve the American dream of home ownership.
Democrat Brown continued, expanding on the crisis that came next;