Facebook may still have a lot of explaining to do in regards to the unveiling of its cryptocurrency. We are well aware of the fact that the social media giant has been in the news for different reasons, including the news bordering on the use of user private data on its social media platform, among others. The unveiling of its coin has sent the media into a frenzy, because a lot of people are skeptic about the move into the crypto world, judging by Facebook’s track record with the protection of private information.
Facebook Hearings
In response to the unveiling of Facebook’s Libra cryptocurrency, a U.S. Senate Committee has announced that there will be a hearing on the 16th of July 2019, and the hearing will be about examining the digital currency with respect to the considerations that have been put in place for data privacy. The request for a hearing came after Congress members requested that Libra be thoroughly scrutinized Facebook’s Libra and the potential risks that come with it. Furthermore, calls from different industries and platforms have been put through to request that every operation on the project be halted pending the outcome of the hearings.
However, a representative of the social media giant said the company is looking forward to the hearing with the lawmakers, without halting the process. It has been announced that the hearing will happen at 10 a.m. EST on the said date, and there will be a broadcast of the hearing, for the public to follow.
Prior to this development, sometime in May, the Banking Committee had written an open letter to the social media giant, looking for answers to the questions they had about Facebook’s Libra project, including the technicalities, its functionalities, and the extent they have gone to get input from market players and regulators.
Facebook Response
There is no direct response to the letter from Facebook, however, one of the representatives from the social media giant acknowledged that the company received the letter, and that they are attending to the questions from the senators.
After the news about the hearing broke, Sen. Elizabeth Warren, the 2020 presidential candidate of the U.S. posted a tweet about Facebook and the hearing. According to Warren, she said the social media giant had already gotten too much power, and had a bad record with being able to protect the private information of the users on its social media platform, hence, she is of the opinion that they need to be held accountable, rather than grant them more access to the data of users.
A lot of people knew there would be some activity in the Facebook camp with the unveiling of Libra, hence, Facebook has a lot to deal with if Libra is going to be successful. There is the need to deal with regulatory bodies, as well as critics who are in high places. Regardless of what is going on at the moment, a lot of crypto enthusiasts are positive about the success of Facebook’s Libra coin, and are looking forward to begin using the crypto.
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