US Senator asks Facebook to disclose information about the "Libra" encryption project

US Senator asks Facebook to disclose information about the "Libra" encryption project

The US SenateBanking Committee (USSenateBankingCommittee) is clearly concerned about Facebook's new cryptocurrency program and how to handle personal financial information.

The Banking Committee wrote an open letter to Facebook founder and CEO Zuckerberg on Thursday asking him to provide details about his secret cryptocurrency project, with a particular focus on consumer privacy.

“Last year, Facebook asked US banks to disclose detailed financial information for consumers,” the letter said:

"In addition, privacy experts have questioned Facebook's extensive data collection practices and whether any data collected by Facebook is used or should be made to comply with the Fair Credit Reporting Act."

In light of these concerns, the committee hopes that Zuckerberg will outline how Facebook's cryptocurrency (codenamed "Libra Project") will work; what Facebook has done to financial regulators; and users' expectations for privacy and consumer protection.

More broadly, the committee asked Facebook to disclose consumer financial information shared by banks and other financial institutions; what Facebook did with the information (including whether it was shared or sold to other third parties); whether Facebook has credit ratings and other Personal information about Indivi. And how Facebook can avoid violating the Fair Credit Reporting Act.

At present, the public knows very little about the Libra project. The company quietly began building a blockchain research team last year, led by David Marcus, vice president and former Coinbase board member.

Since then, the company has released a large list of jobs for the team, and MIT philosophers and cryptic economist Christian Catalini have joined the project. .

According to reports, the company intends to raise up to $1 billion in funding for the project as a mortgage to support a stable economy. (chain to finance)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Spending $100 million a year, can the $200 million financing that ConsenSys seeks be completed?

According to the technology media The Information reported on April 15, New York-based blockchain company ConsenSys i...

Market

The negative is coming again, it is the most important thing to make a leek!

Last night, the market fell again, BTC fell 9500 from 10,500, and the new low was 9200 at 10 o'clock in the morn...

Blockchain

More and more panic! Has Bitcoin really become "gold" in the shadow of the epidemic?

Author: Joyce Source: Blockchain Outpost Although the central bank issued an announcement on February 2 stating that ...

Blockchain

In addition to physical delivery futures, what are the ambitions of Bakkt?

The birth of "rich second generation" Bakkt In the digital currency industry, which is dominated by grassro...

Blockchain

Do you know these 16 stalks about Bitcoin?

For those unfamiliar with Bitcoin, entering the Bitcoin forum for the first time is a strange and confusing experienc...

Blockchain

Market Analysis: BTC rebounded sharply in the morning, 10,000 knives are still an important psychological barrier

Author | Hash sent analysis team Bitcoin has gone to the mid-term long-short watershed. Can there be a positive finge...