ABSTRACT

Examining Facebook's Proposed Digital Currency and Data Privacy Considerations, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Sixteenth Congress, First Session on Examining Facebook, Inc.'s Planned Currency Libra, Its Governing Libra Association, and the Calibra Digital Wallet, Including the Structure and Management of Libra and Its Underlying Financial Infrastructure and the Partners and Governance of Libra Association, July 16, 2019   [open pdf - 7MB]

This is the July 16, 2019 hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations," held before the Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Mike Crapo: "On May 9, Senator Brown and I sent a letter to Facebook shortly after it was reported that the company was recruiting financial institutions and online merchants to help launch a cryptocurrency-based payments system using its social network. Our letter asked Facebook for more information about how the system would work, its access to and use of consumer financial information, and Facebook's access to and use of information on individuals or groups of individuals in credit, insurance, employment, or housing. I appreciate Facebook's response last week. Shortly after the letter was sent, Facebook formally announced its intention to launch the payments system Libra and issued a white paper providing some information about the project. Since then, U.S. and global regulators have taken notice, including the Federal Reserve, U.K.'s Financial Conduct Authority, Financial Stability Board, G7, and others." Statements, letters, and materials submitted for the record include those of the following: David A. Marcus.

Report Number:
S. Hrg. 116-71; Senate Hearing 116-71
Publisher:
Date:
2019
Copyright:
Public Domain
Retrieved From:
U.S. Government Publishing Office: http://www.gpo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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