Besides king of the social media world, Facebook is on its race to hit the crypto market as well, but this is becoming a serious concern for the US Senator. The US Senate Bank Committee published an open letter and demanded Facebook for details of its cryptographic Libra project.
Facebook's previous privacy violation comes as the first concern of the bank committee that they have stated in a letter sent to Facebook on May 9, 201
Nevertheless, note that the Banking Committee has increased the eyebrows on the following questions and asked Zuckerberg to respond.
1. How would this new cryptocurrency-based payment system work, and what look-up for financial regulators has been to ensure that it meets all legal and regulatory requirements?
2. What privacy and consumer protection will users have under the new payment system?
3. What does consumer financial information have Facebook received from a financial company?
4. To that extent, Facebook has received consumer financial information from a financial company, what does Facebook do with such information and how does Facebook secure the information?
5. Does Facebook share or sell any consumer information (or information derived from consumer information) with any non-affiliated third parties?
In addition to these, two questions were asked by the committee; If Facebook has information about the individual's creditworthiness / capacity, and if so, how does Facebook ensure that such information is not used in violation of the Fair Credit Reporting Act.
Due to the above-mentioned important concerns, the committee expects Zuckerberg to respond and let the committee know the status of Facebook Coin in front of something about the "Libra Project". Nevertheless, Facebook with over 2.38 billion monthly active users will probably affect many more people to enter into a crypto era – but at the same time, the US Senate Committee wants to keep an eye on the privacy aspect that Facebook is expected to deal with