(Andrew Harrer/Bloomberg News)Facebook’s efforts to garner support for the launch of a global cryptocurrency, Libra, hit another snag during a contentious House committee hearing Wednesday. [Facebook cryptocurrency Libra skewered by Senate]At Wednesday’s hearing, Committee Chairwoman Maxine Waters (D-Calif.) compared Facebook to two other companies that have faced scandals, Wells Fargo and Equifax. Waters has unveiled draft legislation that would block big tech companies from getting involved with the financial system, potentially preventing Facebook from launching Libra. Several Republicans questioned whether Facebook would prevent people already banned from using its social network from using Libra. “Can Milo Yiannopoulos or Louis Farrakhan use Libra?” Rep. Sean P. Duffy (R-Wis.) asked.

Source: Washington Post July 17, 2019 18:33 UTC