Reports about the ‘Facebook coin’ have ruffled feathers in Washington, with a group of Senators posting an open letter to Facebook CEO Mark Zuckerberg demanding much-sought-over details on the project, CoinDesk reported Thursday.
Specifically, members of the Senate’s banking committee penned the letter, asking Zuckerberg to outline what Facebook’s coin will look like, how it will work, and the regulatory precautions taken. They also raised questions about the coin’s possible impact on consumer privacy and what users should expect in terms of protection. In that vein, the committee asked if financial institutions had shared customer’s data with Facebook too, and what the social media giant then does with it.
This information request could end months of speculation about the coin and its launch-date, codenamed “Project Libra.”