Cryptocurrencies
Facebook Crypto Plan Draws Fresh Fury From House Democrats
- Company executive refuses to commit to moratorium for Libra
- Republicans offer defenses, say progress shouldn’t be stifled
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Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks.
At a Wednesday hearing before the House Financial Services Committee, Chairwoman Maxine Waters compared Facebook to Wells Fargo & Co. and Equifax Inc., two scandal ridden companies that have come under scrutiny for harming consumers. If Facebook issues its Libra token, she added, the company will “wield immense power that could disrupt” governments and central banks.