Sen. Sherrod Brown does not mince words at a Senate Banking Committee hearing on Facebook's plans for a new digital currency.
the spread of propaganda in Myanmar that lead to violence and genocide in the country. He also referred to the company's role in disrupting the business models of journalistic publications.
"They moved fast and broke our political discourse. They moved fast and broke journalism. They moved fast and helped incite a genocide. They moved fast and they're helping to undermine our democracy," Brown said. "Now Facebook asks people to trust them with their hard-earned paychecks. Takes a breathtaking amount of arrogance ... to look at that track record and think, 'You know what we really ought to do next? ...
Later in the hearing, Brown asked David Marcus, the head of Facebook's new cryptocurrency subsidiary Calibra, whether he trusts Libra so much that he would accept all of his salary in the new currency. Marcus initially skirted the question, saying "Libra is not designed to compete with bank accounts." But he later said he would accept his salary in Libra.
"If your question is whether I would trust all of my assets in Libra the answer is yes, I would," Marcus said."We would be crazy to give them a chance to experiment with people's bank accounts, to use powerful tools they don't understand like monetary policy to jeopardize hardworking Americans' ability to provide for their family."
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