Copy link
Increase text size
Decrease text size
Link copied

US Senators ask Mark Zuckerberg to share details on crypto project

Image: Bloomberg Via Getty Images

Mon, 13 May 2019, 05:32 am UTC

The buzz around Facebook’s secret cryptocurrency projects seems to have reached the U.S. authorities.

In an open letter dated May 09, the U.S. Senate Banking Committee has asked Facebook founder and CEO Mark Zuckerberg to share the details about the project.

“Last year, Facebook asked U.S. banks to share detailed financial information about consumers. In addition, privacy experts have raised questions about Facebook’s extensive data collection practices and whether any of the data collected by Facebook is being used for purposes that do or should subject Facebook to the Fair Credit Reporting Act,” the letter reads.

In all, the committee has put up a total of 7 questions for Zuckerberg to respond. Some of these are focused on the crypto project’s compliance with legal and regulatory requirements, and privacy and consumer protections.

A larger set of questions is about consumer financial information shared by financial companies. The committee is interested in knowing the extent of such information received by Facebook, what it plans to do with it, and how it plans to safeguard the information.

Furthermore, it also asked the social media giant to disclose if it shares or sells this information with any unaffiliated third parties, whether it has any information bearing on an individual’s creditworthiness and other personal details, and how it ensures that it would not infringe upon the Fair Credit Reporting Act.

While Facebook has been trying hard to keep the project under wraps, reports on the purported “stablecoin” have been floating in the media for the past couple of months. The company launched a blockchain division last May and has been staffing up this division. It also acquired the team behind blockchain startup Chainspace in February 2019.

Reports have suggested that “Facebook Coin” will be pegged to a basket of different foreign currencies and make it easy for users to send money to each other and make online payments. MIT professor Christian Catalini is also reportedly working on the project.

More recently, reports suggested that India is likely to be the first country where Facebook will trial its token.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,678.33 (+0.14%)
  • Ethereum (ETH) $242.93 (+0.35%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $257.10 (+1.01%)
  • Bitcoin SV (BSV) $196.29 (-0.10%)
  • Bitcoin (BTC) $9,678.33 (+0.14%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft