US Senators Urge Facebook to Discontinue Crypto Wallet Pilot Citing 'Insufficient' Ability to Keep Consumers Safe. A group of U.
21 Oct 2021, 08:00
US Senators Urge Facebook to Discontinue Crypto Wallet Pilot Citing ‘Insufficient’ Ability to Keep Consumers Safe
A group of U.S. senators has asked Facebook CEO Mark Zuckerberg to discontinue his company’s crypto wallet pilot and commit to not bringing the cryptocurrency Diem to market. “Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient,” the lawmakers said.
US Senators Urge Facebook to Stop Crypto Wallet PilotU.S. Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren, and Tina Smith wrote a letter to Facebook CEO Mark Zuckerberg regarding the company’s cryptocurrency project Tuesday after the social media giant launched a pilot for its crypto wallet Novi.
Facebook has chosen the Nasdaq-listed crypto exchange Coinbase as its custody partner for the pilot. “Novi users who can participate in the pilot can acquire pax dollar (USDP) through their Novi account, which Novi will hold on deposit with Coinbase Custody. Novi users will then be able to transfer USDP between each other instantaneously,” Coinbase explained.