WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) questioned David Marcus, the head of Facebook’s new digital currency program Libra, in today’s Senate Banking Committee hearing.
In June, Facebook announced its plans to develop a new digital currency called Libra. According to Facebook, Libra will be built on a blockchain, which means it will be backed by a reserve of assets governed by the Libra Association. The Libra Association is an independent, not-for-profit organization headquartered in Geneva, Switzerland.
“Time and time again Facebook has proven that it cannot be trusted with our private information. Why should we allow them to control the money supply?” said Sen. Kennedy “Between election interference and the Cambridge Analytica data breach, Facebook has not earned the public’s trust. I believe that you should be able to trust your banker and your banker should have a heightened sense of integrity.”
Click here or the photo below to watch Sen. Kennedy’s questioning: