NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

US Senate Mulls Regulatory Implications of Facebook’s Mysterious Crypto Project

Cole Petersen
Cole Petersen
6 years ago
3 mins read
Bitcoin Crypto BTC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Recently, a buzz of excitement spread throughout the cryptocurrency community after news broke regarding social media giant Facebook’s foray into the crypto industry through a new project that may introduce the benefits of digital currencies to billions of the platform’s users.

Although this was certainly a bullish sign that many analysts viewed as the epitome of mainstream adoption for the nascent technology, the US Senate is now getting involved in the project, recently sending an open letter to the company demanding that they reveal significantly more information about the project, which currently remains somewhat mysterious.

Facebook Must Answer Several Questions Regarding Crypto Project

In a recent letter from the United States Senate Committee on Banking, Housing, and Urban Affairs, the committee demanded that the tech giant elucidate details about the project, specifically with regards to how the project may impact the digital privacy of users.

The letter, which is specifically addressed to Facebook’s founder and CEO, Mark Zuckerberg, also brings up the issue of possibly having to subject Facebook to the Fair Credit Reporting Act, which, according to the Federal Trade Commission, ensures that:

“The banking system is dependent upon fair and accurate credit reporting…” and that it utilizes an “An elaborate mechanism [that] has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.”

On this note, one of the questions posed by the committee asks whether or not Facebook has been in contact with financial regulators to ensure that their crypto-based framework meets “all legal and regulatory requirements.”

Importantly, this letter signals that the regulation still remains as a hurdle that crypto must jump over before it can incur mainstream adoption, as major corporations looking to adopt the technology will likely have to deal with heavy involvement from the government and regulatory officials who may inhibit the speed at which crypto-based frameworks can be developed and released for public use.

Concerns Regarding Facebook’s Privacy Violations and Size Continue to Grow

Another key part of the letter is regarding what protections Facebook will provide that ensure the safety of any personal data that may be exposed as a result of using the crypto-based payments system.

“What privacy and consumer protections would users have under the new payment system?” the committee asked.

Concerns about Facebook’s aptness to exploit personal data come as one of the company’s co-founders, named Chris Hughes, is calling for the company to be broken up, saying in a recent opinion piece for the New York Times that:

“The company’s mistakes — the sloppy privacy practices that dropped tens of millions of users’ data into a political consulting firm’s lap,” referring to the Cambridge Analytica scandal.

Hughes further noted that “Mark’s influence is staggering, far beyond that of anyone else in the private sector or in government,” and concluded that “It is time to break up Facebook.”

As Facebook continues to grow and ventures into relatively new technologies, like crypto, in an effort to fuel their continuous growth, it is highly likely that calls to break up the tech giant will continue to surmount, and that the government will only grow keener on regulating nascent technologies.

Featured image from Shutterstock.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Risks Downside If Resistance Holds: $2,700 Level Is Critical

Ethereum Risks Downside If Resistance Holds: $2,700 Level Is Critical

Ethereum is trading above the $2,500 level, showing notable strength despite recent volatility across the broader crypto market. Since early...

Sebastian Villafuerte 49 minutes ago

BTC Bull Token tiek palaists šodien – jaunā kriptovalūtas sensācija ar bezmaksas Bitcoin atlīdzībām

BTC Bull Token oficiāli tika palaists šodien un jau raisa lielu interesi Bulgārijas kripto investoru un Bitcoin entuziastu vidū. Tikai...

lasma 1 hour ago
Dogecoin price analysis

Chartist Slams Misleading Dogecoin Analysis: ‘Focus On This Instead’

Technical analyst Kevin, better known on X as @Kev_Capital_TA, rekindled debate over Dogecoin’s market structure on Sunday when he urged...

Jake Simmons 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Анализ ликвидности BTC: $107 000 и $110 500 станут целями

lisachaikina 23 minutes ago
defi

DeFi coin rankings schudden op – Hyperliquid, Sui en Avalanche breken door naar top 10 lijst

Lars Diederiksen 25 minutes ago

Prezzo di Cardano in Rialzo, ADA Tenta la Rottura Oltre i 0,59$

clararosati 39 minutes ago

Premium Sponsors

Press Releases

  • 4 Altcoin Hàng Đầu Được Chuyên Gia Dự Đoán...

    8 minutes ago
  • mining

    W·Mining integrates innovation and launches a new...

    35 minutes ago
  • MEXC Golden Era Showdown Concludes with Record 4M USDT...

    47 minutes ago
  • MEXC Releases Bimonthly Transparency Report: $559 Million...

    2 hours ago
  • Make $8,000 a day in stable passive income easily –...

    18 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.