Facebook ‘Too Powerful’ to Run Libra Without Rules, Says Democratic Senator

By CCN Markets: Facebook has too much power to engage with a cryptocurrency, a United States senator has warned, days after the social media giant launched Libra.

Sherrod Brown, a Democratic senator from Ohio, told Bloomberg TV that the public has increasing concerns around the social network.

Facebook is too big and too powerful. I don’t know that people would have said that two or three or five years ago, but the public increasingly believes they’re too big and too powerful, particularly to engage in a risky cryptocurrency. Running a cryptocurrency system out of a Swiss bank is a big concern to people.

Brown is the latest politician to caution against Facebook’s cryptocurrency, unveiled earlier this week with collaboration from 27 other firms.