The US Senate Banking and Business Committee has scheduled a Facebook hearing. Representatives of the social media company will have to explain details of the Libra crypt.
The hearing is titled “Examining the proposed digital currency considerations and confidentiality of Facebook data”. Congressional members have made more calls to examine Libra more closely and its potential risks. There were even calls to stop the development of the project until the hearings.
Open Letter from the US Congress for Facebook
Last month, the Senate Committee sent an open letter to Facebook founder and CEO Mark Zuckerberg. Government officials have asked for details about the Libra cryptos project, with a strong focus on consumer privacy.
“Last year, Facebook asked US banks to exchange detailed financial information about consumers.
In addition, privacy experts have questions about extensive data collection practices from Facebook. We want to clarify the purposes for which Facebook’s data is being used. We also need to assess whether the information is used for purposes that fall under the Credit Reporting Law. “
Hearing about Facebook on collected data
In the light of these concerns, the committee wants Zuckerberg to explain how Facebook’s cryptomoneda will work, the “Libra Project” developed. He will have to explain what consumer financial information has been obtained from banks and other financial institutions, such as managed (including whether these are transmitted or sold to third parties), and how Facebook avoids violating the Law on Correct Credit Reporting .
Facebook will also have to explain what discussions it has had with financial regulators.
According to the Libra whitepaper, Calibra’s financial services management division is registered with FinCEN.
Senators also want details on consumer privacy and consumer protection measures implemented by Facebook. The public hearing will take place on July 16 at 10 EST and will be broadcast live.
Facebook representatives said that
“We look forward to answering the questions of lawmakers as this process advances.”
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