U.S. Senate to grill Facebook over plans for Libra cryptocurrency
Tuesday, 16 July 2019 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.
Facebook got a lashing by Senate lawmakers from both sides of the aisle on Tuesday over plans for its cryptocurrency and from House lawmakers investigating big tech’s monopoly in the digital space. Jane Lanhee Lee reports.
Facebook's David Marcus faced another day of governmental grilling, this time at the hands of the House Financial Services Committee, over the social media giant's plans for its digital currency Libra.