Facebook hasn’t even acknowledged the existence of its secret crypto project, let alone released a product. But Congress is already asking questions.
Members of the Senate Banking Committee sent a letter to Facebook CEO Mark Zuckerberg on Thursday requesting information about the social media company’s plans to launch a cryptocurrency-based payments system. The letter, signed by Sen. Mike Crapo, R-Idaho, and Sen. Sherrod Brown, D-Ohio, cites concerns that the data Facebook’s payments system generates could be used in ways that “impact a consumer’s access to or cost of credit and insurance products, or in ways that impact their employment prospects.”
Facebook’s poor reputation for data privacy, coupled with the endless number of regulations that govern the financial sector, raise the prospect that this is just the beginning of Congress’ inquiries into Facebook’s crypto plans.