Facebook rebuffs Maxine Waters on cryptocurrency delay

A top Facebook executive on Wednesday refused demands by Rep. Maxine Waters and other Democrats to delay work on the company's new digital currency despite growing concern about risks it will pose to the global economy.

Waters and other lawmakers raised alarms about what Facebook's foray into finance meant not only for consumer privacy, in light of its poor track record of protecting user data, but also national security, given the questions about the anonymity Libra might afford money launderers and terrorism financiers.

"We're told by some that innovation is always good," Rep. Brad Sherman said. "The most innovative thing that happened this century is when Osama Bin Laden came up with the innovative idea of flying two airplanes into towers. That's the most consequential innovation, although this may do more to endanger America than even that."

"Chairwoman, I agree with you that this needs to be analyzed, understood and the proper oversight needs to be set up before Libra can launch," Marcus said.In addition to clashing with Democrats over the timing, Marcus quibbled with lawmakers’ suggestions for how Libra might be regulated. "So, we are discussing a currency controlled by an undemocratically selected coalition of largely massive corporations," she said.

But, well aware of its damaged reputation, the company has stressed that Libra's management will be led by dozens of additional companies that are members of the Libra Association and that there will be competing wallets for users if they don't trust Facebook.

Source: Digital Coin News (digitalcoinnews.net)

Boo.

Just because they can’t keep up doesn’t mean Facebook should slow down tbh

See what happens when people at the the top refuse to show up for committee hearings and people like RepJerryNadler don’t do anything about it? It starts a trend. Thats why you ALWAYS hold people accountable cowards

Maybe as a stop gap we can switch out Hamilton for Zuckerberg on the $10 and put davidmarcus on the nickel. He CREEPED me—had a distinctly different tone w/ the CongressWOMEN WHO died & made him Caesar?

'Planning' poses no risk!

How many boomers gonna lose their life savings...? FB has only one demographic left and they know how fucking gullible they are as evidenced by our current occupant of the White House.

So facebook took a leaf out of the trump playbook. Even corporations are dissing congress🤦🏻‍♀️ the curiously toothless *majority* is getting a drumming from every imaginable corner🥴

The master plan has always been to bankrupt nations and turn government functions over to corporation. It was a long-term plan. Facebook & Friends found an innovated way to move up the timetable

Current Democrats will fail the economy.

Why should they? These Congress people won’t do anything. There’s no punishment anymore. All bark no bite.

Maxine is not impressed

Pretty soon we will owe our souls to that company store ( 16 Tons) song

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US Treasury Secretary Mnuchin warned that Facebook's Libra could be a tool for terrorists, traffickers, and drug smugglersMnuchin has joined Donald Trump, Jerome Powell, and Maxine Waters in questioning the cryptocurrency. Bitcoin traders yawned. So vastly used by the White House occupants If Racists was in that same category and Trump had said he didn't like Libra people would take this more seriously than they will if it's a legitimate warning from her. Can you drop an article of what Libra is for your viewers
Source: BusinessInsider - 🏆 729. / 51 Read more »

Facebook rebuffs Waters on cryptocurrency delayA top Facebook executive refused demands by Democrats to delay work on the company's new digital currency despite growing concern about risks it will pose to the global economy When did private companies start making their own currencies? I want my own money too. Every note will have a picture of a cat on it. Haha, Facebook sucks!!!👎🏿 Time to do something about FB!
Source: politico - 🏆 381. / 59 Read more »

Senators blast Facebook's cryptocurrency plan, comparing it to a toddler with matches“Do you really think people should trust Facebook with their hard-earned money?” said Sen. Sherrod Brown (D-Ohio), the top Democrat on the banking panel. “I just think that is delusional.” Lawmakers compared Facebook to a toddler playing with matches who burns down the house, blasted it for repeatedly violating consumers’ privacy and accused it of cheapening social discourse and polarizing America.
Source: latimes - 🏆 11. / 82 Read more »

Facebook should not be trusted with 'crazy' cryptocurrency plan: senatorsDemocratic and Republican lawmakers said on Tuesday that Facebook Inc's tra... DeleteFacebook This is so funny! The US Senate can't even handle our own currency and I am sure they have no idea what a 'crypto-currency' is. OMG! Sure we've wrecked privacy, personal communication and the very social fabric but totally trust us with currency, guys. DeleteFacebook
Source: Reuters - 🏆 2. / 97 Read more »

Facebook Libra Chief Promises to Work With Regulators Prior To Launching CryptocurrencyThe social network announced Libra in June as a tool intended to make it easier for people to send money around the world quickly and cheaply. MichaelFNunez I would think that if Libra (like Bitcoin) isn’t a recognized legal tender (ie, plaintiff: ‘I performed, then wasn’t paid the agreed upon [crypto]’- judge: ‘You performed, it was nice of you’) it remains marginalized MichaelFNunez It’s not like they have a choice. MichaelFNunez it's not a cryptocurrency. It's a stablecoin
Source: Forbes - 🏆 394. / 53 Read more »