US Senators Warn Three Facebook’s Libra Backers of Membership Risks
William Suberg's original article for cointelegraph.com reduced by 50%
Three backers thought to be reconsidering their involvement in Facebook's digital currency Libra have received warnings from the United States' politicians over participating. Senate Letter: Facebook's problems are your problems. In it, they are reportedly pressuring the three payment giants to look closer at the regulatory implications of Libra.
The report comes a week after the rumors started to spread about the companies' cold feet over Facebook's digital currency. "Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control. You should be concerned that any weaknesses in Facebook's risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate." Brown now seems to suggest that a general distrust of Facebook could translate into distrust of its financial activities.
"Facebook has been in the crosshairs of a bunch of governments around the world," he summarized, adding that he doubts Libra would appear before 2023.
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