Facebook (NASDAQ:FB) is heading for its Tuesday hearing before the US Senate Banking Committee in a climate of continued skepticism. The decision of the leading social media company to launch the Libra project stirred controversy, with criticism coming both from central banks and from consumer finance providers.
The hearing will aim to clarify the aims of the Libra Association, as well as ways to regulate the eventual launch of a digital asset with the potential for global outreach.
Facebook’s foray into fintech has opened a new can of worms, the involvement of Big Tech into consumer finance. Despite the generally favorable attitude toward fintech and app-based consumer finance, Facebook’s bid has the potential to increas...