US Lawmakers Question Terrorist Use of Facebook Cryptocurrency
Representatives Emanuel Cleaver, Trey Hollingsworth, Bill Foster, and French Hill held a briefing with members of the House Financial Services Committee, discussing the Libra project with Blanco, who heads up FinCEN, the U.S. Treasury Department’s anti-money-laundering wing.
The briefing was held as part of a broader look at how machine learning and artificial intelligence can limit illicit money laundering and related activities.
Cleaver’s concern seems to stem from Facebook’s alleged role in improperly storing user data and spreading misinformation over the past few years, according to a press release.
“We’ve seen the significant damage that foreign adversaries and bad actors have wrought on our democracy through Facebook’s platform, and that was simply through messaging and advertising,” he said in a statement, adding: “Before we allow such a giant corporation to begin processing millions to billions of financial transactions, we have to study these issues and ensure we have the tools and guardrails in place to deter terrorists, extremists, and/or enemies from utilizing such a platform to do harm to our nation.