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Photo: Chesnot/Getty Images

Given Facebook's multitude of missteps and scandals over the past two years, it's no surprise that legislators are skeptical of the company's plans to launch a new cryptocurrency called Libra.

Why it matters: Facebook faces a host of legal and regulatory issues around the globe amid concerns over privacy, data sharing and money laundering.

  • For his part, David Marcus, the Facebook executive leading its Libra efforts, acknowledged "serious legitimate concerns" and committed to "do what it takes to address these concerns," according to The Hill.
  • "And if those concerns are not addressed, and if the regulatory oversight is not appropriate, then we will not launch until it is," Marcus said.

Details: Members of the Senate Banking Committee piled on their concerns, expressed particularly strongly by Sen. Sherrod Brown:

“They moved fast and broke our political discourse. They moved fast and broke journalism. They moved fast and helped incite a genocide. They moved fast and they’re helping to undermine our democracy. Now Facebook asks people to trust them with their hard-earned paychecks."
— Sen. Sherrod Brown
  • For a company to have Facebook's track record and look to become its own currency issuer, Brown said, "takes a breathtaking amount of arrogance."

Meanwhile, CNBC reports that the Swiss regulator Marcus said will oversee Libra has yet to hear from the currency's backers.

Go deeper: Facebook spoils the cryptocurrency party

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
9 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.

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