Policymakers should be extremely cautious about allowing Facebook to expand its reach into users’ financial data through the creation of its proposed Libra digital currency, ICBA told Congress.
In a letter to the Senate Banking Committee ahead of today's hearing on Libra, 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.
With policymakers across Washington expressing concerns about the Libra proposal, Facebook's David Marcus is scheduled to testify before the Senate panel at 10 a.m. (Eastern time) today. He is set to reappear before the House Financial Services Committee tomorrow.
Read ICBA Letter
Watch the Hearing