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Facebook grills from Senators over "Crazy" Cryptocurrency Plans. That was not going well.



Congressional lawmakers gathered Facebook's executive director on Tuesday about the social media giant's plans for a new global crypto-loop network, with some saying they did not trust the technology giant in the face of a continuing danger of his practices protecting the personal data. a hearing was held on Facebook's Libra plans, a new digital financial system announced in June, against a background of widespread concern that the company is starting to run the platform without time regulators and legislators to check it properly. The company stunned Washington last month when it said it hopes to launch Libra as early as 2020 with a coalition of financial and technology partners and to allow billions of Facebook users to send money to each other around the world with ease.

Hearing, a bipartisan group of lawmakers won Facebook vice president David Marcus, who is in charge of the Libra project, saying they are worried about the reputation of social media when it comes to consumer data.

Facebook is dangerous, Senator Sherrod Brown (D-Ohio), member of the Banking Committee , he said during the hearing. "The last thing we need is to concentrate even more power on huge corporations. View the Facebook entry. We would be crazy to give them a chance to experiment with people's bank accounts and use powerful tools they do not understand, like monetary policy, to jeopardize the hard-working ability of Americans to provide their families.

Sen. Marta Macsally (R-Ariz.) It was dumb, simply saying, "I do not believe you, guys."

"Instead of cleaning your house, you're starting a new business model," said the MP, pointing to what she calls "recurring fraud" from Facebook. 19659002] Marcus has repeatedly moved to reassure MPs, saying that Libra will not be available to the public unless regulatory action is taken. He said Facebook has committed to "take the time to get this right."

"We've made mistakes in the past," he said. "We have worked and are working hard to improve."

Last week, the Federal Trade Commission voted to hand over the $ 5 billion fine for privacy violations on Facebook, focusing on the violation of Cambridge Analytica data. If approved by the Ministry of Justice, the fine will be the biggest ever imposed against a technology company and would signal Washington's willingness to make a contribution to mastering the giants of the Silicon Valley.

But some lawmakers opposed the amount of the fine, saying it would be just a slap on Facebook's wrist, which made more than $ 15 billion in revenue in the first quarter of this year. Democrats have called on FTC to force Facebook to limit its ability to collect and share consumer data, but according to reports, the $ 5 billion deal does not contain such provisions.

-2 for a ward slaughter village with Facebook, "freedom from Facebook, anti-Facebook coalition said after the announcement of the fine are public domain." The Federal Trade Commission continues to disclose its inability to protect American consumers and markets, Congress has to investigate the senseless disregard for FTC's obligations. "

Despite the opposition at the hearing Tuesday, some MPs applauded Facebook for its efforts to create a new financial system with a glance at underdeveloped countries that may not have official and Senator Pat Tummy (R-Pa.) Said that calls for an early restraint of Libra were "too premature" and urged legislators to investigate how the Facebook plan could be "a very constructive innovation."

"We need to study this, taking into account the benefits and risks, and taking a cautious approach," said Toomi, according to Politico. "Let's announce that we have to strangle this baby in the crib is premature."

But the Washington Post reported on Tuesday that Facebook has privately deployed Libra to more than a dozen government employees, including those from the Treasury. Department and the Securities and Exchange Commission. Many have expressed further worries after the meeting that Facebook is unprepared to deal with the concerns about past privacy practices and how it hopes to put weight on data issues in the future. NEW NEWS. REAL VOICES.

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