Category: General|Jun 24, 2019 | Author: Admin

Summoned to the Senate hearing on the Facebook's new crypto commitment

Share on

The Libra project raises privacy issues.

teaserbreit.jpg

The Libra project raises privacy issues.

The US Senate announced on Wednesday that they will hold a hearing next month where they ask a number of witness questions about Facebook's new venture with cryptocurrency, Libra - more on the initiative itself, you can read here.

So far unknown witnesses
The hearing goes under the title "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" and is set to July 16. What is perhaps most interesting to know is which witnesses the Senate has sued for the hearing, but this information is unfortunately not public yet.

The consultation notice comes shortly after Facebook officially announced its new ecosystem for and blockade and cryptocurrency, which quickly attracted a lot of attention and particularly negative criticism from law enforcement authorities for potential risks to consumers.

- Too much power
Among the first critics was Democratic Senator Sherrod Brown who questioned Facebook's new service, pointing out that Facebook is already too big and with too much power that they used to exploit people's data without protecting their privacy.

"We can't allow Facebook to keep up with risky cryptocurrency from a Swiss bank without supervision," Brown said yesterday.

There seems to be a broad consensus among both Democratic and Republican members in the Senate that one should keep a kind of overview of what extensions Facebook is doing in this context.

Facebook ready to answer questions
A spokesperson from Facebook has responded to the criticism from the Senate's members, where the person in question states that the company is looking forward to answering questions lawmakers may have in the process moving forward. However, they made it clear that they did not want to put the project on hold, as requested by US government representatives.

Sponsored Ads:

Comments:


Project-Taara-1155x770.webp

Sent 700tb over 4 km of laser technology

Category: IT|Sep 18, 2021 | Author: Admin
Fiber.jpg

'Massive' transatlantic data cable landed on beach in Bude

Category: Google|Sep 17, 2021 | Author: Admin
Discord.png

YouTube shuts down Discord music bot ‘Rythm’

Category: Google|Sep 16, 2021 | Author: Admin
Facebook.webp

Facebook's secret rules differentiate between the "elite" and most people

Category: General|Sep 15, 2021 | Author: Admin
Apple.webp

Apple suddenly had to crisis-update the iPhone and Mac

Category: Apple|Sep 14, 2021 | Author: Admin
Epic.webp

Epic is blocked forever on all Apple platforms

Category: Apple|Sep 13, 2021 | Author: Admin
Desktop-Screenshot.png

NVIDIA To Launch GeForce RTX 30 SUPER ‘Ampere Refresh’ In January 2022, GeForce RTX 40 ‘Ada Lovelace’ GPUs in October 2022

Category: General|Sep 12, 2021 | Author: Admin
chrome-os-secret-weapon-100856418-large.jpg

3 smart shortcuts for a curiously hidden Chrome OS command

Category: Google|Sep 11, 2021 | Author: Admin
sunset-gold-iphone-13-render.png

iPhone 13 unveiled in Ukraine

Category: Apple|Sep 10, 2021 | Author: Admin
iCloud.jpg

Apple brings iCloud passwords to Windows, Microsoft's Edge

Category: Apple|Sep 9, 2021 | Author: Admin
AI.webp

AI will determine if you are allowed to drive

Category: General|Sep 8, 2021 | Author: Admin
TPM.png

The game is now blocking unsupported Windows 11 machines

Category: IT|Sep 7, 2021 | Author: Admin
Tech.png

US court rejects patent applications from AIs

Category: General|Sep 6, 2021 | Author: Admin
black.png

Facebook apologizes: their AI tagged video of black men as 'Primates'

Category: General|Sep 5, 2021 | Author: Admin
Apple.png

Apple postpones abuse monitoring after massive criticism

Category: Apple|Sep 4, 2021 | Author: Admin
more