Facebook’s testimony to Congress: Libra will be regulated by Swiss

The head of Facebook’s blockchain subsidiary Calibra David Marcus has released his prepared testimony before Congress for tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government because that’s where it’s headquartered. Meanwhile, he says the Libra Association and Facebook’s Calibra wallet intend to comply will all U.S. tax, anti-money […]

We still don’t know how much of Libra Facebook owns

The $10 million entry fee to join the Facebook-developed cryptocurrency’s Libra Association is merely a minimum. Members who’ll verify transactions can opt to invest more in exchange for more Libra Investment Tokens that will earn them dividends from the interest earned by the Libra Reserve after it pays for infrastructure and operations costs. If regulators […]

Australia passes law to hold social media companies responsible for “abhorrent violent material”

“This law, which was conceived and passed in five days without any meaningful consultation, does nothing to address hate speech, which was the fundamental motivation for the tragic Christchurch terrorist attacks,” Sunita Bose, the managing director of the Digital Industry Group, which represents social media companies told The New York Times . Social media companies […]

Dems and GOP unite, slamming Facebook for allowing violent Pages

In a rare moment of agreement, members of the House Judiciary Committee from both major political parties agreed that Facebook needed to take down Pages that bullied shooting survivors or called for more violence. The hearing regarding social media filtering practices saw policy staffers from Facebook, Google and Twitter answering questions, though Facebook absorbed the […]

House rep suggests converting Google, Facebook, Twitter into public utilities

Amidst questions about how conspiracy theorists’ accounts are treated during today’s House Judiciary hearing with Facebook, Google and Twitter on social media filtering practices, Representative Steve King (R-Iowa) dropped a bombshell. “What about converting the large behemoth organizations that we’re talking about here into public utilities?” King’s suggestion followed his inquiries about right-wing outlet Gateway […]