Bitcoin price slumped on Wednesday as Facebook’s Libra was slammed in the Senate. The cryptocurrency plunged 14.9% to $9,379 by 11:40 PM ET (03:40 GMT).
“Facebook (NASDAQ:FB) has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts,” Democratic senator Sherrod Brown, the ranking member of the Senate Banking Committee, said.
United States Treasury Secretary Steven Mnuchin Steve Mnuchin warned on Monday that the company will face much tighter regulatory scrutiny if it ever offers digital financial services. He said that the company “must implement the same anti-money-laundering safeguards in countering the financing of terrorism as traditional financial institutions.”