• Latest
US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing

US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing

July 16, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing

coinnewsdaily by coinnewsdaily
July 16, 2019
in Litecoin
0
US Senators Grill Facebook on Privacy, Trust Issues in Libra Hearing
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

At the ongoing hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate, lawmakers are interrogating Facebook on privacy and trust concerns. As a Cointelegraph correspondent reports on July 16, David Marcus, head of Facebook’s crypto wallet Calibra, is stressing the project’s trust and regulatory compliance, while some senators are not convinced.

Senator Jon Tester asked about Libra’s ability to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. Marcus responded that “we will do our best to resolve those types of issues and claims as quickly as possible.” Tester stated that “it is critical that that is resolved before it goes live.”

Senator Sherrod Brown of Ohio took a more critical stance towards the project, asking “Do you really think people should trust Facebook with their hard-earned money?” Marcus said that Facebook “will have no special privilege,” at which point Brown interrupted: “Mr. Marcus, you know better than that.”

Brown also asked Marcus if there is anything elected leaders can say that will convince Marcus and Facebook that the company should not launch Libra. Marcus responded, “If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours.”

When the Committee chair Mike Crapo asked Marcus why the Libra Corporation had chosen to register in Switzerland, Marcus assured the committee that they would also register with U.S. regulators. Marcus also said that social and financial data would be entirely separate on the Calibra Network, adding that “to earn people’s trust, we will have to have the highest standards in terms of privacy.”

Senator and presidential candidate Elizabeth Warren — who is known as a cryptocurrency critic — asked about Facebook’s willingness to allow data portability:

“If a Facebook user wishes to use a wallet other than Calibra, will you make it easy to allow the export of other data?”

In response, Marcus said, “Absolutely, Senator.” Warner followed up by asking for the same commitment for messaging apps Whatsapp and Messenger, on which Marcus hedged.

Sen. Warren concluded her remarks by saying “What Facebook’s been really good at is figuring out how to monetize people’s personal data […] I am not reassured by your statement that you can not see any reason right now why there would not be any data sharing between these platforms.”

The hearing on Libra with the U.S. House Financial Services Committee is scheduled for July 17, 2019. In a statement on the stablecoin, Committee chairwoman Rep. Maxine Waters commented on the lack of uniform regulation in the cryptocurrency market and said that regulators should view Facebook’s plans for Libra “as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.”



Credit: Source link

Share76Tweet47
Previous Post

R3 to Support a Startup-Focused Stock Exchange in Brazil

Next Post

Mnuchin Crypto Speech Was Total Validation of Bitcoin: Barry Silbert

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Mnuchin Crypto Speech Was Total Validation of Bitcoin: Barry Silbert

Mnuchin Crypto Speech Was Total Validation of Bitcoin: Barry Silbert

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,000.00-0.70%
  • ethereumEthereum(ETH)$1,574.19-1.27%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$306.26-0.34%
  • rippleXRP(XRP)$0.409878-0.22%
  • cardanoCardano(ADA)$0.3843000.41%
  • dogecoinDogecoin(DOGE)$0.0884311.62%
  • matic-networkPolygon(MATIC)$1.15-1.99%
  • okbOKB(OKB)$38.937.27%
  • solanaSolana(SOL)$24.01-1.27%
  • polkadotPolkadot(DOT)$6.41-0.93%
  • shiba-inuShiba Inu(SHIB)$0.0000121.30%
  • litecoinLitecoin(LTC)$88.01-0.36%
  • tronTRON(TRX)$0.0631100.24%
  • daiDai(DAI)$1.00-0.19%
  • cosmosCosmos Hub(ATOM)$13.250.60%
  • chainlinkChainlink(LINK)$7.22-1.36%
  • leo-tokenLEO Token(LEO)$3.79-1.18%
  • moneroMonero(XMR)$182.453.56%
  • ethereum-classicEthereum Classic(ETC)$21.71-0.91%
  • bitcoin-cashBitcoin Cash(BCH)$132.45-2.41%
  • stellarStellar(XLM)$0.092444-0.26%
  • crypto-com-chainCronos(CRO)$0.081058-0.36%
  • filecoinFilecoin(FIL)$5.27-2.00%
  • algorandAlgorand(ALGO)$0.2547440.47%
  • vechainVeChain(VET)$0.023944-2.22%
  • internet-computerInternet Computer(ICP)$5.91-3.05%
  • aaveAave(AAVE)$84.21-4.43%
  • eosEOS(EOS)$1.09-2.78%
  • elrond-erd-2MultiversX(EGLD)$44.39-0.90%
  • theta-tokenTheta Network(THETA)$1.08-3.34%
  • tezosTezos(XTZ)$1.10-2.07%
  • paxos-standardPax Dollar(USDP)$1.00-0.08%
  • bitcoin-cash-svBitcoin SV(BSV)$43.43-2.27%
  • huobi-tokenHuobi(HT)$5.090.59%
  • havvenSynthetix Network(SNX)$2.45-3.43%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.99-0.28%
  • iotaIOTA(MIOTA)$0.235354-2.78%
  • makerMaker(MKR)$657.04-0.38%
  • zcashZcash(ZEC)$45.10-2.69%
  • neoNEO(NEO)$8.16-1.42%
  • dashDash(DASH)$50.45-1.59%
  • zilliqaZilliqa(ZIL)$0.0294931.65%
  • basic-attention-tokenBasic Attention(BAT)$0.258671-2.48%
  • compound-governance-tokenCompound(COMP)$56.07-3.06%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.038521-3.53%
  • kusamaKusama(KSM)$36.230.24%
  • bitcoin-goldBitcoin Gold(BTG)$17.12-1.66%
  • wavesWaves(WAVES)$2.80-1.53%
  • qtumQtum(QTUM)$2.62-3.31%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.2486160.99%
  • yearn-financeyearn.finance(YFI)$7,609.61-0.52%
  • sushiSushi(SUSHI)$1.29-4.00%
  • omisegoOMG Network(OMG)$1.48-0.86%
  • ontologyOntology(ONT)$0.213449-2.78%
  • digibyteDigiByte(DGB)$0.010666-3.52%
  • umaUMA(UMA)$2.03-1.26%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%