Sen. Sherrod Brown, D-Ohio, called Facebook and its business model “dangerous” Sen. Mike Crapo, R-Idaho, said Facebook’s Libra cryptocurrency could help the 1.7 billion people around the world who don’t have access to a bank but can access the internet from a smartphone. Facebook executive David Marcus is overseeing Facebook’s cryptocurrency plans under a new subsidiary called Calibra. Marcus told senators that Libra will not function as a “stablecoin” – a digital currency thats designed to minimize volatility by being “pegged” to a single asset.”]
Source: https://www.cuinfosecurity.com/senators-scrutinize-facebooks-cryptocurrency-plans-a-12786