Senate members request further detail on Facebook's Project Libra

13 May, 2019
by Fifi Arisandi
News
Senate members request further detail on Facebook's Project Libra

As Facebook’s crypto plan, Project Libra has been made known to the public, more responses have emerged.

After billionaire Tim Draper’s expressing his interest in investing in the project and Binance’s CFO suspecting it to be a closed system that will wall off other people from coming into it, Facebook own co-founder, Chris Hughes who left the company in 2007 is calling for the government to “step in” and break up big tech companies, including his former company.

Moreover, he claimed that Zuckerberg’s has become far too powerful, as he said, “We are a nation with a tradition of reining in monopolies, no matter how well-intentioned the leaders of these companies may be. Mark’s power is unprecedented and un-American. Until recently, WhatsApp and Instagram were administered as independent platforms inside the parent company, so that should make the process easier, but time is of the essence. Facebook is working quickly to integrate the three, which would make it harder for the FTC to split them up… I take responsibility for not sounding the alarm earlier.”

Hughes is not the only one who thinks that way. 2020 Presidential candidate, Senator Elizabeth Warren is also reported to “request” the government to intervene big tech companies and say that they should be divided to prevent “power abuse”.

Other responses also come from US Senators, Mike Crapo and Sherrod Brown, who have sent an open letter to Facebook’s CEO, asking him to “share all pertinent information regarding project Libra with Senate members”.

They argue that Zuckerberg and his company can’t be trusted after they were found of sharing their users’ information with unrelated third parties, such as banks and Cambridge Analytica, as reported by Live Bitcoin News.

The letter also requests for further info about what financial information Facebook would get from their users related to the Project Libra, as well as how they plan to protect the sensitive information.

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