Facebook Should Not Be Trusted With ‘Crazy’ Cryptocurrency Plan: Senators

WASHINGTON—Under withering criticism from senators, a Facebook executive on July 16 defended the social network giant’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.

File photo shows a Facebook logo at the company's headquarters in Menlo Park, Calif, on March 28, 2018.Marcio Jose Sanchez, File/AP Photo

WASHINGTON—Democratic and Republican lawmakers said on Tuesday that Facebook’s track record of what they described as untrustworthiness should stand in the way of it launching a digital currency, labeling the plan “delusional” and “crazy” at a Senate hearing.

Facebook is fighting to get Washington onside after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a cryptocurrency called Libra in 2020.