Under sharp criticism from senators, a Facebook
executive defended the social network’s
ambitious plan to create a digital currency and
pledged to work with regulators to achieve a
system that protects the privacy of users’ data.
“We know we need to take the time to get this
right,” David Marcus, the Facebook executive
leading the project, told the Senate Banking
Committee at a hearing.
But that message did little to assure senators.
Members of both parties demanded to know
why a company with massive market power and
a track record of scandals should be trusted with
such a far-reaching project, given the potential
for fraud, abuse and criminal activity.