Libra is a "recipe for more corporate power over markets and consumers," said US Sen. Sherrod Brown, senior member of the Senate Banking Committee.
Senator Brown's recent comments came as an official video of NowThis News on July 16, which was published hours after hearing the Senate Banking Committee's Facebook Libra ability to force people to spend their money use and play according to their rules. He noted:
"What happens if Facebook forces corporations to stop accepting your credit card or debit card? You may be forced to use Facebook's new Monopoly money. What about small business owners who are forced to to use it or lose access to Facebook? " Millions of users? "
Following today's Senate hearing, Brown told the press he hopes for a comprehensive privacy bill to protect users from large technology companies like Facebook, but was not sure which way to go.
As previously reported by Cointelegraph, former Republican Congressman and libertarian presidential candidate Ron Paul was more concerned about governments that had a monopoly on money Paul commented:
"In the past, governments must always have monopoly control over money and credit therefore, a Federal Reserve, rather than allowing the market to function. […] Governments are not very tolerant of competition, and they do not even tolerate the use of the Constitution to compete with the Fiat dollar, since gold and silver can not be used . "