Banking Law News

Crapo Sees Facebook Crypto Plan as Data Privacy Catalyst

July 16, 2019, 6:15 PM

Facebook’s plan for a global cryptocurrency payments network should drive forward comprehensive data protection legislation in the U.S., the chairman of the Senate Banking Committee said.

“I don’t think we should be looking at how we deal with one company, we should be looking at how we deal with cryptocurrency and how we deal with data collection, and that’s the issue that we need to be focused on,” Sen. Michael Crapo (R-Idaho) said July 16 following his committee’s hearing to discuss Facebook’s Libracoin project.

Facebook executive David Marcus faced a barrage of criticism and questions from Senate Banking members of...

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