Cryptocurrencies
Libra’s Biggest Challenge May Be Facebook’s Tarnished Reputation
- Facebook executive Marcus testified Tuesday before the Senate
- Lawmakers took turns bashing Facebook’s new crypto effort
David Marcus, head of blockchain with Facebook, exits after a Senate Banking Committee hearing in Washington on July 16.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
Facebook wants to build the cryptocurrency of the future, but first it has to contend with its past.
When U.S. senators gathered on Tuesday to ask questions about Libra, the proposed digital currency Facebook Inc. is developing, they took turns blasting the tech giant over years of missteps. Facebook’s failures around user privacy, the company’s immense power, and even its role in the 2016 elections were mentioned repeatedly by members of the Senate Banking Committee, whose statements reflected a near-unanimous refrain: Facebook shouldn’t be trusted to create a new global currency.