Top Democrat calls for strict oversight on Facebook’s new cryptocurrency

The top Democrat on the Senate Banking Committee blasted Facebook’s Tuesday announcement that it would be launching a new cryptocurrency. Sen. Sherrod Brown (D-OH) warned the company that any new plans should be subject to strict oversight.

“Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy,” Brown said. “We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. I’m calling on our financial watchdogs to scrutinize this closely to ensure users are protected.”

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