Republican and Democratic Senators sharply questioned Facebook Inc.’s plan to create its own digital money, adding to a chorus of complaints from across Washington and underscoring the challenges the company faces in getting its cryptocurrency off the ground.
Senator Sherrod Brown, the top Democrat on the Senate Banking Committee, compared Facebook to a toddler playing with matches who risks burning a house down.
Speaking at a Tuesday hearing examining Facebook’s proposed digital token, Brown said he was worried about the company moving into the space considering the “havoc” it has already wreaked on other industries.
“Their motto has been move fast and break things,” said Ohio’s Brown, a Democrat. “They certainly have. We’d be crazy to let them experiment with peoples’ bank accounts.”
Senate Banking Committee Chairman Mike Crapo, an Idaho Republican, said Facebook’s ambitions show that Congress needs to give consumers “real control” over their personal data to prevent companies from misusing it.