Lawmakers air concerns about Facebook cryptocurrency

WASHINGTON (NEXSTAR) — Lawmakers on both sides of the aisle are skeptical of Facebook’s plan to launch its own cryptocurrency, and they weren’t shy about letting the social media giant’s CEO know it.

Mark Zuckerberg underwent another grilling on Capitol Hill Wednesday as he tried to sell the idea.

“There are more than a billion people around the world who don’t have access to bank account but could through mobile phones,” he said, explaining why he thinks the currency dubbed Libra is needed.

His pitch fell flat.

“You’ve lost these stable partners, I would say, and I find it highly concerning,” Rep. Ann Wagner, R-Mo., said, referring to the banking partners who left the project citing security concerns. “PayPal, Visa, Mastercard, Stripe… Why do you think they dropped out?”

“I think because it’s a risky project, like you said,” Zuckerberg replied.

He promised Facebook won’t launch the project until it’s approved by banking…