{"id":381670,"date":"2019-05-11T00:00:06","date_gmt":"2019-05-11T00:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=381670"},"modified":"2019-05-10T20:26:39","modified_gmt":"2019-05-10T20:26:39","slug":"us-senate-mulls-regulatory-implications-of-facebooks-mysterious-crypto-project","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-senate-mulls-regulatory-implications-of-facebooks-mysterious-crypto-project\/","title":{"rendered":"US Senate Mulls Regulatory Implications of Facebook&#8217;s Mysterious Crypto Project"},"content":{"rendered":"<p>Recently, a buzz of excitement spread throughout the cryptocurrency community after news broke regarding social media giant Facebook\u2019s foray into the crypto industry through a new project that may introduce the benefits of digital currencies to billions of the platform\u2019s users.<\/p>\n<p>Although this was certainly a bullish sign that many analysts viewed as the epitome of <a href=\"https:\/\/wncen.com\/2019\/04\/25\/pop-culture-shift-nike-forays-into-crypto-as-technology-continues-going-mainstream\/\">mainstream adoption<\/a> for the nascent technology, the US Senate is now getting involved in the project, recently sending an open letter to the company demanding that they reveal significantly more information about the project, which currently remains somewhat mysterious.<\/p>\n<h2><strong>Facebook Must Answer Several Questions Regarding Crypto Project<\/strong><\/h2>\n<p>In a <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/5.9.19%20Facebook%20Letter.pdf\" rel=\"nofollow\">recent letter<\/a> from the United States Senate Committee on Banking, Housing, and Urban Affairs, the committee demanded that the tech giant elucidate details about the project, specifically with regards to how the project may impact the digital <a href=\"https:\/\/wncen.com\/2019\/01\/09\/monero-privacy-coins-criminals\/\">privacy<\/a> of users.<\/p>\n<p>The letter, which is specifically addressed to Facebook\u2019s founder and CEO, Mark Zuckerberg, also brings up the issue of possibly having to subject Facebook to the Fair Credit Reporting Act, which, according to the <a href=\"https:\/\/www.ftc.gov\/system\/files\/545a_fair-credit-reporting-act-0918.pdf\" rel=\"nofollow\">Federal Trade Commission<\/a>, ensures that:<\/p>\n<blockquote><p>\u201cThe banking system is dependent upon fair and accurate credit reporting\u2026\u201d and that it utilizes an \u201cAn elaborate mechanism [that] has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.\u201d<\/p><\/blockquote>\n<p>On this note, one of the questions posed by the committee asks whether or not Facebook has been in contact with financial regulators to ensure that their crypto-based framework meets \u201call legal and regulatory requirements.\u201d<\/p>\n<p>Importantly, this letter signals that the regulation still remains as a hurdle that crypto must jump over before it can incur mainstream adoption, as major corporations looking to adopt the technology will likely have to deal with heavy involvement from the government and regulatory officials who may inhibit the speed at which crypto-based frameworks can be developed and released for public use.<\/p>\n<h2><strong>Concerns Regarding Facebook\u2019s Privacy Violations and Size Continue to Grow<\/strong><\/h2>\n<p>Another key part of the letter is regarding what protections Facebook will provide that ensure the safety of any personal data that may be exposed as a result of using the crypto-based payments system.<\/p>\n<blockquote><p>\u201cWhat privacy and consumer protections would users have under the new payment system?\u201d the committee asked.<\/p><\/blockquote>\n<p>Concerns about Facebook\u2019s aptness to exploit personal data come as one of the company\u2019s co-founders, named Chris Hughes, is calling for the company to be broken up, saying in a recent opinion piece for the <a href=\"https:\/\/www.nytimes.com\/2019\/05\/09\/opinion\/sunday\/chris-hughes-facebook-zuckerberg.html\" rel=\"nofollow\">New York Times<\/a> that:<\/p>\n<blockquote><p>\u201cThe company\u2019s mistakes \u2014 the sloppy privacy practices that dropped tens of millions of users\u2019 data into a political consulting firm\u2019s lap,\u201d referring to the Cambridge Analytica scandal.<\/p><\/blockquote>\n<p>Hughes further noted that \u201cMark\u2019s influence is staggering, far beyond that of anyone else in the private sector or in government,\u201d and concluded that \u201cIt is time to break up Facebook.\u201d<\/p>\n<p>As Facebook continues to grow and ventures into relatively new technologies, like crypto, in an effort to fuel their continuous growth, it is highly likely that calls to break up the tech giant will continue to surmount, and that the government will only grow keener on <a href=\"https:\/\/wncen.com\/2019\/04\/26\/india-banning-bitcoin-is-becoming-highly-likely-new-bill-introduced\/\">regulating<\/a> nascent technologies.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Recently, a buzz of excitement spread throughout the cryptocurrency community after news broke regarding social media giant Facebook\u2019s foray into the crypto industry through a new project that may introduce the benefits of digital currencies to billions of the platform\u2019s users. Although this was certainly a bullish sign that many analysts viewed as the epitome of mainstream adoption for the nascent technology, the US Senate is now getting involved in the project, recently sending an open letter to the company demanding that they reveal significantly more information about the project, which currently remains somewhat mysterious. Facebook Must Answer Several Questions Regarding Crypto Project In a recent letter from the United States Senate Committee on Banking, Housing, and Urban Affairs, the committee demanded that the tech giant elucidate details about the project, specifically with regards to how the project may impact the digital privacy of users. The letter, which is specifically addressed to Facebook\u2019s founder and CEO, Mark Zuckerberg, also brings up the issue of possibly having to subject Facebook to the Fair Credit Reporting Act, which, according to the Federal Trade Commission, ensures that: \u201cThe banking system is dependent upon fair and accurate credit reporting\u2026\u201d and that it utilizes an \u201cAn elaborate mechanism [that] has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.\u201d On this note, one of the questions posed by the committee asks whether or not Facebook has been in contact with financial regulators to ensure that their crypto-based framework meets \u201call legal and regulatory requirements.\u201d Importantly, this letter signals that the regulation still remains as a hurdle that crypto must jump over before it can incur mainstream adoption, as major corporations looking to adopt the technology will likely have to deal with heavy involvement from the government and regulatory officials who may inhibit the speed at which crypto-based frameworks can be developed and released for public use. Concerns Regarding Facebook\u2019s Privacy Violations and Size Continue to Grow Another key part of the letter is regarding what protections Facebook will provide that ensure the safety of any personal data that may be exposed as a result of using the crypto-based payments system. \u201cWhat privacy and consumer protections would users have under the new payment system?\u201d the committee asked. Concerns about Facebook\u2019s aptness to exploit personal data come as one of the company\u2019s co-founders, named Chris Hughes, is calling for the company to be broken up, saying in a recent opinion piece for the New York Times that: \u201cThe company\u2019s mistakes \u2014 the sloppy privacy practices that dropped tens of millions of users\u2019 data into a political consulting firm\u2019s lap,\u201d referring to the Cambridge Analytica scandal. Hughes further noted that \u201cMark\u2019s influence is staggering, far beyond that of anyone else in the private sector or in government,\u201d and concluded that \u201cIt is time to break up Facebook.\u201d As Facebook continues to grow and ventures into relatively new technologies, like crypto, in an effort to fuel their continuous growth, it is highly likely that calls to break up the tech giant will continue to surmount, and that the government will only grow keener on regulating nascent technologies. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":381671,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,1985,6782],"class_list":["post-381670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-facebook","tag-industry"],"acf":[],"yoast_head":"\n<title>US Senate Mulls Regulatory Implications of Facebook&#039;s Mysterious Crypto Project<\/title>\n<meta name=\"description\" content=\"The US Senate is now getting involved in Facebook&#039;s crypto project, demanding that the company reveal significantly more information about the venture.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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