The latest tech issue to come to the forefront publicly has been Facebook's (FB) controversial cryptocurrency, Libra.
While Libra will be the topic CEO Mark Zuckerberg presents on in front of the House Financial Services Committee Thursday, the wide slate of tech issues up for potential government regulation will be hard for Congress to ignore. For now, PayPal (PYPL) , Visa (V) , Mastercard (MA) , Stripe and Bookings Holdings (BKNG) have all pulled out from involvement with Libra, and Congress is interested in understanding what risks the currency may pose.
But mega-cap tech companies Facebook, Google (GOOGL) and Amazon (AMZN) are facing potential regulation on a number of related issues. For Facebook, "there are a lot of concerns about regulation liability, how exactly it's going to operate," said TheStreet's Tech Editor Nelson Wang. "And the other big issue is anti-trust concerns. Over the last few years, they've bought up a lot of companies, amassed a lot of market share in the social networking space, but there are some concerns that some of what they've done is anti-competitive."
TheStreet's tech reporter Annie Gaus said, "It's very likely that we'll see the proposed cryptocurrency, Libra, being used as an entry point for lawmakers to really press Facebook on a wide range of subjects. I think we'll see that come to the fore again here, where Libra is kind of a main focus, but that's used to segue into other topics such as data privacy and antitrust."
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