Democratic and Republican lawmakers said on Tuesday that Facebook Inc's tra...
WASHINGTON - Democratic and Republican lawmakers said on Tuesday that Facebook Inc’s track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labeling the plan “delusional” and “crazy” at a Senate hearing.
“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his opening remarks. “We’d be crazy to give them a chance to let them experiment with people’s bank accounts.” He received a frosty welcome from Democratic lawmakers and several Republicans, who shared many of the same concerns.
David Marcus, head of Facebook's Calibra , testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on"Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" on Capitol Hill in Washington, U.S., July 16, 2019. REUTERS/Erin Scott The social media company has pledged that its payments subsidiary called Calibra will only share customer data with Facebook and external third parties if it has consent, or in “limited cases,” where it is necessary.Critics have expressed anger that the company would advance such a potentially groundbreaking project so far without extensive input from policymakers, especially when the company was already in the spotlight over privacy issues.
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