Republican and Democratic Senators sharply questioned Facebook Inc.’s plan to create its own digital money, adding to a chorus of skepticism across Washington and underscoring the challenges the company faces in getting its cryptocurrency off the ground.
At a hearing Tuesday before the Senate Banking Committee, lawmakers compared the social media giant to a toddler playing with matches who burns the house down, blasted it for repeatedly violating consumers’ privacy and accused the company of cheapening social discourse and polarizing America. Many expressed incredulity that Facebook would be able to safeguard people’s finances.
