US Senators are demanding more information from the social media giant Facebook that made a stain on its privacy track record over the years. The latest cryptocurrency news reports that two senior congressmen in the upper legislative chamber in the Senate are trying to find out more about the ‘’Libra’’ crypto project.
Idaho Senator Mike Crapo and Ohio Senator Sherrod Brown sent a letter to the founder of Facebook- CEO Mark Zuckerberg demanding answers how will he make sure that his crypto project is highly secure. Both of the US Senators who are the first and second-ranked members of the Senate Committee on Banking, Housing, and Urban Affairs, sent the letter on May 9th.
They requested that the social media titan needs to clarify how the crypto will function and how user data will be collected by its use:
“The Wall Street Journal recently reported that Facebook is recruiting dozens of financial firms and online merchants to help launch a cryptocurrency-based payments system using its social network. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices… Accordingly, please respond to the following questions.”
As it was also reported in the coming altcoin news, the US senators filed seven questions to Zuckerberg asking whether his company reached out to regulators about the project and what level of protection has been put into the project. Facebook still hasn’t provided any answers to the questions.
What we do know about the Libra project is that Facebook tried to keep it a secret but the public now has a slight idea of what they can expect. The New York Times confirmed that the crypto project of Facebook was almost done and that the company aims to sell the cryptocurrency to users in the first half of the year. Initially, we found out that the company was working on a stablecoin in December that would be eventually pegged to multiple foreign currencies.
The Libra Project was later promoted to major payments powerhouses including Mastercard and Visa to help with the project. If Facebook can get support from major players, their project could be a gamechanger for getting thousands of users in the crypto ecosystem.
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