Senate hearings highlight potential financial risks to Facebook from Libra

Today David Marcus, CEO of Facebook’s Calibra subsidiary, faced two hours of questions from the U.S. Senate Committee on Banking, Housing and Urban Affairs. The session covered both Libra the network and currency and Facebook’s Calibra wallet. Here we will focus on new information that came out in the hearings rather than covering existing ground.

Facebook’s exposure to risk

Senator Jones, a Democrat from Alabama, raised an interesting point. He asked what if the Calibra wallet hosted funds that were used for human trafficking or drugs. Is there a possibility that Calibra and Facebook could become criminal defendants?

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