Facebook's crypto plans raise eyebrows in DC as Senators press Zuckerberg for details

Reports about the 'Facebook coin' have ruffled feathers in Washington, with a group of Senators posting an open letter to Facebook CEO Mark Zuckerberg demanding much-sought-over details on the project, CoinDesk reported Thursday.


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Specifically, members of the Senate's banking committee penned the letter, asking Zuckerberg to outline what Facebook's coin will look like, how it will work, and the regulatory precautions taken. They also raised questions about the coin's possible impact on consumer privacy and what users should expect in terms of protection. In that vein, the committee asked if financial institutions had shared customer's data with Facebook too, and what the social media giant then does with it.

This information request could end months of speculation about the coin and its launch-date, codenamed "Project Libra."

About Author

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.