Senate Banking, Housing and Urban Affairs Committee Holds Hearing on Facebook’s Proposed Cryptocurrency

The Senate Committee on Banking, Housing and Urban Affairs on July 16 held a hearing on Facebook’s proposed cryptocurrency, Libra, titled, “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.” The head of Facebook’s currency project, David Marcus, gave testimony and answered questions about the necessity and usefulness of Libra, as well as privacy concerns related to Facebook’s previous data breaches and overwhelming control of user data. Senators also asked about Facebook’s impact on information and journalism. Senators Sherrod Brown (D-OH) and John Kennedy (R-LA) both questioned Marcus on Facebook’s “disruption” of the news business and its replacement of trusted information sources in many users’ lives. You can watch the full hearing here.

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