US Senator Sherrod Brown recently derided Facebook’s stablecoin Libra as a recipe that would allow for more corporate power over consumers and the market.
Brown, a member of the Senate’s Banking Committee, made the comments on a video tweet for NowThis News. The official video was posted several hours after the end of the Banking Committee’s hearing on Libra.
The senator was seen to be specifically wary about Facebook developing the capability to oblige people to utilize their digital currency and to follow their rules.
In the video, Senator Brown asked what would happen if the social media giant forces companies to stop accepting a consumer’s debit or credit card. He stated that people could be compelled to use Facebook’s “Monopoly money.”
The senator also warned that small businesses could also be forced to use Libra so they won’t lose access to millions of Facebook’s users.
After the Senate hearing on the controversial cryptocurrency ended, Brown stated to the press that he was hoping for an extensive privacy law that will safeguard users from major tech firms like Facebook. But Brown also acknowledged he wasn’t sure what direction the law should take.
Ron Paul on the Issue
Meanwhile, Libertarian Presidential candidate and former Congressman Ron Paul said in a previous report that he was more worried with governments maintaining a monopoly on money.
He said that governments historically had total control over credit and money. He added that it was why there’s a Federal Reserve. Paul noted that governments do not tolerate competition and aren’t even sympathetic to using the Constitution to challenge the fiat.