Senators Reject Facebook's Libra Cryptocurrency Plans Over Trust Issues
Lawmakers from both parties strongly oppose Facebook's proposed Libra digital currency, citing the company's history of data scandals and lack of trust. David Marcus faces tough questioning as he promises not to launch until regulators approve.
Democratic and Republican lawmakers express serious concerns about Facebook's plan to launch a digital currency called Libra. During a Senate Banking Committee hearing, senators label the proposal as "delusional" and "crazy," arguing that Facebook's history of data mishandling disqualifies it from managing a global financial system.
David Marcus, the head of Facebook's Calibra wallet division, faces a frosty reception as he attempts to defend the project. Lawmakers fear that widespread adoption of Libra among Facebook's 2.38 billion users severely disrupts global monetary policy and compromises consumer financial security.
Senators from both sides of the aisle openly state that they do not trust the social media giant with people's hard-earned money. In response, Marcus promises that Facebook will not move forward with the Libra rollout until all regulatory concerns are fully addressed.