Facebook Libra

Facebook’s Libra Plans Get Grilled Before the Senate Banking Committee

Posted Wednesday, July 17, 2019 by
Arslan Butt • 1 min read

On Tuesday, BITCOIN lost over 10% of its value over US senators’ scrutiny of Facebook’s upcoming cryptocurrency launch. David Marcus, Head of Calibra, was grilled by the Senate Banking Committee about potential privacy and regulatory challenges foreseen by the authorities.

Bitcoin’s bullish run has come to a very abrupt halt over the US government’s attitude towards cryptocurrencies in general and Facebook Libra in particular. For the first time in two weeks, the leading cryptocurrency fell below the key $10,000 level. Although, markets remain hopeful that it will recover some lost ground and climb slightly higher in the coming days.

Senators across parties are viewing Libra with suspicion, with Senator Sherrod Brown remarking that he thought it was “delusional” of the company to think that users would trust Facebook with their money. Trust remains a key issue among regulators and lawmakers with regards to Libra.

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