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Officials to Look at Facebook’s Cryptocurrency Offerings

Officials to Look at Facebook’s Cryptocurrency Offerings

Shortly after Facebook announced that it will be launching its own cryptocurrency later next year, U.S. Senate officials have announced that they will be holding a meeting to take a closer look at the social network’s upcoming offerings.

In the announcement, the Senate Banking Committee announced that it will be holding the hearing on July 16. The announcement came shortly after government officials started to voice their concerns over Facebook’s upcoming Libra cryptocurrency.

The news doesn’t come off as a surprise considering Facebook’s struggles with preserving user privacy over the years. While it’s unclear how the committee will proceed with the hearings, Senator Sherrod Brown turned to Twitter to share his concerns over the upcoming cryptocurrency and Facebook’s lack of initiatives to protect data of its users.

He wrote, “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. I’m calling on our financial watchdogs to scrutinize this closely to ensure users are protected.”

Shortly after the announcement, Facebook revealed that it will fully cooperate with the upcoming hearings. While the government officials urged the company to hold the development of the currency, Facebook said that although it will provide all the requested information to help officials during upcoming hearing, it won’t stop development of Libra.

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