- Disney+ now allows users to resume and restart content Today 11:42 AM
- New York sues JUUL for marketing to teenagers Today 11:34 AM
- The new ‘Discworld’ TV series just gender-flipped several major characters Today 10:54 AM
- David Fincher is doing a ‘Chinatown’ prequel series, naturally Today 10:43 AM
- Congress thinks Facebook is misleading you about its location tracking Today 10:36 AM
- The cast and crew of ‘The Rise of Skywalker’ offer more teases on ‘Star Wars’ conclusion Today 10:34 AM
- #FartGate takes over Twitter after lawmaker appears to pass gas on live television Today 10:24 AM
- Cop was playing YouTube video when he crashed into woman’s car at 70 mph Today 10:10 AM
- 5 last-minute gift ideas people actually want Today 9:51 AM
- South Dakota anti-meth campaign goes viral—and officials love it Today 9:38 AM
- Jeffrey Epstein guards arrested, to be charged Today 9:05 AM
- TikTok teens are savaging Mayor Pete’s ‘High Hopes’ dance Today 8:41 AM
- The coolest Easter eggs in HBO’s ‘Watchmen’ Today 8:13 AM
- Billie Eilish hit herself in the face with a mic—and reminded us why we love her Today 8:01 AM
- Review: Wyze’s budget security cams easily compete with big-name brands Today 7:16 AM
Congress isn’t too keen on Facebook starting a cryptocurrency
Congress wants to talk about Facebook’s cryptocurrency plans.
The Senate Committee on Banking, Housing and Urban Affairs scheduled a hearing about Facebook’s cryptocurrency Libra for next month.
The hearing, titled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” will take place on July 16. No witnesses have been announced yet.
Facebook unveiled Libra earlier this week, a cryptocurrency that is expected to launch in 2020. However, the swift announcement of a hearing from Congress shows that lawmakers are wary of the company dipping its toes into the financial realm.
In a statement, Sen. Sherrod Brown (D-Ohio), the ranking member of the committee slated to hold the hearing, said there needed to be “oversight” of Facebook’s Libra project.
“Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy,” Brown said. “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.”
Last month, Brown and Sen. Mike Crapo (R-Idaho), the chairman of the committee, sent a letter to the company addressing reports that it was trying to launch a cryptocurrency platform.
A spokesperson for Facebook told the Verge that the company looked forward to answering questions from the committee.
The House of Representatives has also pressed the social media giant since its Libra announcement.
Earlier this week, Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee, said that Facebook shows “disregard for the protection and careful use” of data and called on the company to “agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
- Everything you need to know about Libra, Facebook’s new cryptocurrency
- Report: Facebook’s cryptocurrency gets backing from Visa, PayPal, Uber
- New GOP bill would audit major tech companies for bias
Got five minutes? We’d love to hear from you. Help shape our journalism and be entered to win an Amazon gift card by filling out our 2019 reader survey.
Andrew Wyrich is a politics staff writer for the Daily Dot, covering the intersection of politics and the internet. Andrew has written for USA Today, NorthJersey.com, and other newspapers and websites. His work has been recognized by the Society of the Silurians, Investigative Reporters & Editors (IRE), and the Society of Professional Journalists (SPJ).