U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its...
WASHINGTON/NEW YORK - U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw intense scrutiny from financial regulators and politicians across the globe. Facebook is fighting a rearguard action to get Washington onside after it shocked regulators and lawmakers with an announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.
Critics have expressed anger that the company would have got so far in its plans for such a potentially groundbreaking project without extensive input from policymakers, especially when it is already in the spotlight over privacy issues. “They’re going to have to convince us of very high standards before they have access to the U.S. financial system,” Mnuchin said on Monday.Facebook allocated a small fraction of its vast workforce to work on the project, Kevin Weil, who runs product for the Libra initiative, told Reuters on June 18.
In the weeks leading up to the announcement, the company began reaching out formally to key regulators including the Federal Reserve, the Treasury and the Commodity Futures Trading Commission. But two people with knowledge of the discussions said the conversations remained vague, with key details of the project discussed only on a theoretical level.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Facebook crypto chief says company does not expect 'to make money at the outset' with Libra currencyIn his prepared testimony for Tuesday's Senate banking committee hearing, Facebook's David Marcus tells lawmakers that the Libra currency will be secure.
Baca lebih lajut »
Facebook blockchain boss David Marcus says Libra won't launch until it has 'fully addressed regulatory concerns'Facebook exec David Marcus testifies before a US Senate committee on Tuesday about the company's ambitious digital currency plan.
Baca lebih lajut »
Deportation raids are about distracting from issues: Amy KlobucharSen. Amy Klobuchar says warnings about ICE raids are 'about scaring everyone' and 'changing the news' and not about security as claimed. 'If you really wanted to go after security risks ... why would you alert them and say you're doing this on a Sunday?'
Baca lebih lajut »
Italy detains 3 in seizure of weapons, missile, Nazi plaquesPolice in Italy have detained three men, including one linked to a neo-fascist Italian political party, after uncovering a huge stash of automatic weapons, a missile and material featuring Nazi symbols.
Baca lebih lajut »