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Facebook’s Libra cryptocurrency project gets blistering reception from Senate

Facebook Inc.’s controversial Libra cryptocurrency project encountered a blistering reception from the Senate Banking Committee Tuesday morning despite assurances from the social-media giant that it will comply with banking regulations and offer secure transactions.

“Facebook is dangerous,” ranking committee member Sen. Sherrod Brown, D-Ohio, said, offering a litany of its disruptive impacts on society, media and politics. “Facebook has demonstrated, through scandal after scandal, that it does not deserve our trust…. We would be crazy to give them a chance to experiment with people’s bank accounts.”

The hearing, the first of two on Libra this week on Capitol Hill, underscores a general distrust of Facebook FB, -0.18% which reached a record $5 billion settlement with the Federal Trade Commission last week over its data-privacy practices and is likely to be the target of a Justice Department investigation on antitrust matters.

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