News: US Senate Banking Committee Requests Clarification on Facebook Cryptocurrency

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0:00:00 US Senate Banking Committee Requests Clarification on Facebook Cryptocurrency

0:00:05 This update is brought to you by “CoinCheckup News Updates” and was originally published on “”.

0:00:11 The CEO of social media giant Facebook, Mark Zuckerberg was sent an open letter from the United States Senate Committee on Banking, Housing, and Urban affairs, containing inquiries on the impact of Facebook’s new cryptocurrency relative to user’s privacy and data protection.

0:00:27 Per the letter, the Senate Banking Committee recently had its first hearing on Privacy Rights and Data Collection in a Digital Economy, following a feedback initiative conducted early this year on user’s information collected by financial parties, in order to assess the possible legislative infrastructure to trail as the digital asset industry grows.

0:00:45 Facebook came on to the committee’s radar while it sought out financial firms and online merchants to help launch its cryptocurrency.

0:00:52 Moreover, according to the letter experts had expressed their concerns about Facebook’s privacy policy and practice, hence, the committee raised some questions of their own to determine whether or not the best privacy methodologies are being used.

0:01:05 The main questions revolved around how Facebook’s new cryptocurrency will work, and the status of Facebook’s consultations with financial regulators to ascertain the legal and regulatory implications of such a digital currency.

0:01:17 Other questions involved Facebook’s privacy practices including data collection methodology, the use of collected data – especially as related to third-party systems, and the security of the data obtained from users.

0:01:29 No response to the questions sent to Facebook has been made public since the letter was sent on 9 May.

0:01:35 However, considering that several privacy-related allegations that put the company in the spotlight for the most of 2018, which rippled into several data and privacy policy checks, Facebook’s handling of the situation will impact its crypto pet project.

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  • comment-avatar
    pronirwheelca1970 June 15, 2019

    Very thought out! This is new school.