Libra’s Biggest Challenge May Be Facebook’s Tarnished Reputation

July 16, 2019, 9:34 PM

Facebook wants to build the cryptocurrency of the future, but first it has to contend with its past.

When U.S. senators gathered on July 16 to ask questions about Libra, the proposed digital currency Facebook Inc. is developing, they took turns blasting the tech giant over years of missteps. Facebook’s failures around user privacy, the company’s immense power, and even its role in the 2016 elections were mentioned repeatedly by members of the Senate Banking Committee, whose statements reflected a near-unanimous refrain: Facebook shouldn’t be trusted to create a new global currency.

“Facebook is dangerous,” said Senator Sherrod Brown, the ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.