A recipe for more business power across markets

Libra is a "recipe for more corporate power across markets and over consumers," according to US Senator Sherrod Brown, a member of the Senate Banking Committee.

Senator Brown's recent comments came in the form of an official video tweet by NowThis News on July 16, posted hours after Senate Bank's hearing on Facebook's Libra.

Brown proved particularly concerned about Facebook's ability to force people to spend their money and play according to their rules. He noted:

"What happens when Facebook forces businesses to stop accepting your credit card or debit card? You may 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 by users? "

After today's Senate negotiation, Brown told the press that he was hoping for a comprehensive privacy law to protect users from big tech companies like Facebook; However, he was not confident in the direction it should take.

As previously reported by Cointelegraph, former Republican congressman and libertarian president president Ron Paul were more concerned with governments that had monopoly on money. Paul commented:

"Historically, governments must always have monopoly control over money and credit. It is obvious that this is why we have a federal reserve, instead of letting the market operate […] governments are not very tolerant of competition. and they are not even tolerant of using the constitution to compete with the fiat dollar. Because gold and silver, you cannot use it. "