RATE Group | UPDATE 1-U.S. Senate opens hearing into Facebook plans for Libra cryptocurrency
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UPDATE 1-U.S. Senate opens hearing into Facebook plans for Libra cryptocurrency

16 Jul UPDATE 1-U.S. Senate opens hearing into Facebook plans for Libra cryptocurrency

Posted at 14:50h in Cryptocurrency News by

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(Updates with start of hearing, opening remarks from senator Sherrod Brown)

By Pete Schroeder and Katie Paul

WASHINGTON, July 16 (Reuters) – U.S. lawmakers from both sides of the aisle were set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw intense scrutiny from financial regulators and politicians across the globe.

Facebook is fighting a rearguard action to get Washington onside after it shocked regulators and lawmakers with an announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.

Since then it has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by the social media giant’s 2.38 billion users could upend the financial system.

“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust,” Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in his…

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