Senators expressed serious concerns with Facebook's proposed Libra cryptocurrency during a hearing featuring Facebook executive David Marcus.
At the Senate Banking Committee hearing
, Chairman Mike Crapo (R-Idaho) cited concerns with how the payment system will work, what consumer protections will apply, and how it will protect user data and privacy. Ranking Member Sherrod Brown (D-Ohio) questioned whether consumers could trust Facebook with their finances.
In a letter
to the committee ahead of its hearing, ICBA said the proposed digital currency would pose threats to consumer privacy and financial stability while creating a new avenue to money laundering. Appropriate regulations comparable to the many rules that apply to payments products and services offered by the banking system will be needed if Libra is authorized, ICBA said.
Marcus is scheduled to testify again today
before the House Financial Services Committee. ICBA sent a separate letter
to the House panel reiterating its concerns.
Read ICBA Release