EPIC on Libra: “Facebook Clearly Cannot be Trusted With Consumers’ Financial Data”

In advance of Congressional hearings on Facebook's plan to launch its own cryptocurrency called Libra, EPIC has sent statements to Senate and House Committees stating that "Facebook clearly cannot be trusted with consumers' financial data." EPIC noted Facebook's history of misrepresentations to regulators, highlighting the promises Facebook made when the company acquired WhatsApp regarding user privacy — promises Facebook has since broken. EPIC also discussed the Cambridge Analytica scandal and outlined Facebook's long history of failing to protect user data. As reported, a pending settlement with Facebook would not address proposals made by EPIC and others to strengthen Facebook's protection of user data. EPIC urged Congress to block Facebook's entry into cryptocurrency.