US Senators Urge Facebook to Discontinue Crypto Wallet Pilot Citing ‘Insuffic...
A group of U.S. senators has asked Facebook CEO Mark Zuckerberg to discontinue his company’s crypto wallet pilot and commit to not bringing the cryptocurrency Diem to market. “Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient,” the lawmakers said. US Senators Urge Facebook to Stop Crypto Wallet Pilot U.S. Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren, and Tina Smith wrote a letter to Facebook CEO Mark Zuckerberg regarding....
Related News
Five U.S. Senate Democrats have called for Facebook to discontinue its crypto projects. The senators addressed a letter to CEO Mark Zuckerberg on Tuesday just hours after the launch of its digital wallet in partnership with Coinbase. Related Reading | Coinbase To Power Social Giant Facebook’s New Novi Crypto Wallet Facebook’s new digital wallet Novi is part of […]
Facebook’s crypto wallet has been shot down by banking committee senators just hours after it launched a pilot. Five Senators have called for the immediate closure of Facebook’s new crypto wallet just hours after it was launched in partnership with Coinbase.Crypto skeptic Senator Elizabeth Warren was one of the five urging Facebook CEO Mark Zuckerberg to “immediately discontinue” the project. In a letter sent to Zuckerberg on Oct. 19, the five Democrat Senators wrote:“Given the scope of the scandals surrounding your company, we write to voice our strongest opposition to Facebook’s revived....
In response to a letter from the U.S. calling on Facebook to halt its stablecoin and crypto wallet projects, Diem stated that it “is not Facebook. We are an independent organization” Stablecoin project Diem has distanced itself from its Facebook in response to Democrat Senators calling for the immediate cessation of the firm’s Novi crypto wallet.Diem also claimed senior regulators had called it “the best-designed stablecoin project that the U.S. government had seen.”In an Oct. 19 letter sent to Facebook CEO Mark Zuckerberg, the Senators including crypto critic Elizabeth Warren, voiced....
Facebook’s Novi wallet lets users send and receive a dollar-pegged stablecoin, but not hold it. The stablecoin market has grown exponentially over the last few months due to the numerous advantages blockchain-based versions of fiat currencies have. But, when Facebook launched its cryptocurrency wallet Novi using Paxos’ stablecoin, some United States senators were quick to oppose it. Are they concerned about user data or monetary sovereignty?The social media giant which, according to its Q2 2021 report, has 2.9 billion monthly active users across all of its platforms, tapped Coinbase and....
Two U.S. senators have urged lawmakers to increase measures to regulate cryptocurrencies, including how to trace cryptocurrency transactions, in order to combat ransomware attacks. “We haven’t figured out in the country or in the world how to trace cryptocurrency,” one senator said, adding that “We’ve got to do a better job here.” Senators Urge Lawmakers to ‘Do Better’ in Regulating Cryptocurrencies Two senators on the Intelligence Committee talked about the government’s efforts to combat a growing problem of ransomware involving....