WASHINGTON– U.S. Senator Bill Cassidy, M.D. (R-LA) said today that Facebook founder Mark Zuckerberg has “zero credibility” when it comes to his cryptocurrency venture.
Facebook plans to establish its own cryptocurrency, known as Libra. Under the plan, Facebook will lead its development before ceding control to a Switzerland-based governing body. Facebook would keep Libra’s digital wallet, known as Calibra.
Zuckerberg spoke during a Congressional hearing today in an attempt to win back the trust of lawmakers as Facebook continues to deal with privacy breaches and scrutiny over whether it restricts free speech. Many in Congress question the company’s ability to undertake launching its own currency amidst the chronic privacy problems.
“Mark Zuckerberg has zero credibility,” said Dr. Cassidy during an interview with Fox Business. “Is (Libra) one more area that Facebook is going into that may be to the detriment of society at large? I’m not doing anything but pointing out that which is obvious to everyone.”
Cassidy is concerned that Libra will be used by transnational criminal organizations to conduct illegal business transactions beyond the reach of law enforcement. Cassidy is a leader in Congress in stopping such transactions, a practice known broadly as trade based money laundering.
“There’s a very practical law enforcement aspect to this. We need to be more comfortable with that, not just relying on Mark Zuckerberg’s reassurances,” said Dr. Cassidy.
To watch Cassidy’s interview with Fox Business about Libra, click here.
To read more about Cassidy’s efforts to fight trade based money laundering, click here.