Facebook’s announcement of Libra has caused massive waves amongst many countries with America being the country with the highest influx of political opinions about the agenda of creating a currency that is decentralized and accessible worldwide.
According to U.S. Senator Sherrod Brown, ranking member of the Senate Banking Committee, Libra is a “recipe for more corporate power over markets and over consumers”. Senator Brown’s recent comments came by way of an official video tweet by NowThis News on July 16, posted hours after the Senate Banking Committee hearing on Facebook’s Libra.
Senator Brown appeared deeply concerned about Facebook gaining the ability to force people to use their money and play by their rules. He remarked:
“What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could be forced to use Facebook’s new Monopoly money. What about small business owners, forced to use it or lose access to Facebook’s millions of users?”
Following today’s Senate hearing, Brown told the press that he hoped for a comprehensive privacy law to protect users from big tech companies like Facebook; however, he wasn’t confident in the direction it should take.
Brown stated, “The reason people are now equating tech companies with Wall Street is they saw the dominance of Wall Street — the political power of Wall Street. The big banks got bigger and bigger. The White House looking like…a retreat for Wall Street executives. They’re seeing the same now with tech companies. Bigger and bigger tech companies, more and more power, more and more corporate control, more and more political power.”