Facebook ‘Too Powerful’ to Run Libra Without Rules, Says Democratic Senator
By CCN Markets: Facebook has too much power to engage with a cryptocurrency, a United States senator has warned, days after the social media giant launched Libra.
Sherrod Brown, a Democratic senator from Ohio, told Bloomberg TV that the public has increasing concerns around the social network.
Facebook is too big and too powerful. I don’t know that people would have said that two or three or five years ago, but the public increasingly believes they’re too big and too powerful, particularly to engage in a risky cryptocurrency. Running a cryptocurrency system out of a Swiss bank is a big concern to people.
Brown is the latest politician to caution against Facebook’s cryptocurrency, unveiled earlier this week with collaboration from 27 other firms.
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. https://t.co/IjZOFNai3r
— Sherrod Brown (@SenSherrodBrown) June 18, 2019
