Senator Brown is concerned that Libra will allow Facebook to gain unfair control over the financial system and dictate new money policy to the detriment of ordinary citizens.
Libra is a “recipe for more corporate power over markets and over consumers,” according to U.S. Senator Sherrod Brown, ranking member of the Senate Banking Committee.
Senator Brown’s recent comments came by way of an official video tweet by NowThis News on July 16, posted hours after the Senate Banking Committee hearing on Facebook’s Libra.
Brown appeared especially concerned about Facebook gaining the ability to force people to use their money and play by their rules. He remarked:
“What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could be forced to use Facebook’s new Monopoly money. What about small business owners, forced to use it or lose access to Facebook’s millions of users?”
Following today’s Senate hearing, Brown told the press that he hoped for a comprehensive privacy law to protect users from big tech companies like Facebook; however, he wasn’t confident in the direction it should take.
As previously reported by Cointelegraph, former Republican Congressman and Libertarian Presidential nominee Ron Paul was more concerned with governments holding a monopoly on money. Paul commented:
“historically, governments always have to have monopoly control over money and credit. Obviously that’s why we have a Federal Reserve, instead of allowing the market to operate […] governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.