Bipartisan group asks why Americans should trust Facebook with their paychecks given its repeated data privacy scandals
David Marcus, head of Facebook's Calibra digital wallet service, prepares to testify during the Senate Banking, Housing and Urban Affairs Committee hearing on "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" on Tuesday, July 16, 2019. (Bill Clark/CQ Roll Call)
Senators from both parties questioned at a hearing Tuesday why Americans should trust Facebook’s new digital currency system with their paychecks given the social media giant’s repeated data privacy scandals.
Libra, a cryptocurrency under construction by a Facebook subsidiary called Calibra, was announced in May to a blast of bipartisan incredulity by lawmakers and the Trump administration. Critics asked how the company could ensure that Libra, which is designed to be anonymous, could be prevented from being used by money launderers, traffickers or terrorists.