US Senate Banking Committee Requests Facebook For Its Crypto Project Details

By Katelyn James | May 12, 2019
US Senate Banking Committee Requests Facebook For Its Crypto Project Details

The Committee on Banking, Housing, and Urban Affairs of the United States Senate has recently expressed its concern towards Facebook’s new cryptocurrency project. The committee wrote an open letter to Facebook founder and CEO Mark Zuckerberg in order to seek more information on the secret crypto project.

As stated in the letter, the Senate question on how will Facebook protect consumer financial information and whether the collected data is sold to third parties or not.

In early 2018, Facebook got into a data misuse controversy that heavily damaged its reputation. At which, the social media giant was accused of illegal sharing the personal data of millions of users without their consent. The controversy eventually led to Zuckerberg himself giving testimony in front of the United States Congress.

The committee wants Zuckerberg to specify whether Facebook has any information on credit rating or other personal information to establish the eligibility to credit and how Facebook will not use the information in violation the Fair Credit Reporting Act.

Facebook has been designing a so-called Facebook token (“Facebook coin”) that is planned to launch in the first half of 2019. According to The New York Times, the Facebook coin would be launched on multiple platforms.

As The Crypto Sight reported on April, Facebook is currently seeking funding up to one billion dollars for its cryptocurrency project. According to the tweet of The New York Times online reporter – Nathaniel Popper, social media giant Facebook is now find investment from venture capitalists firms to develop its crypto project, which supposedly targets at “big sums – as much as $1b”.

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