Post-Hearing: Ranking Senate Committee Members Discuss Regulations
Senate Committee Members discussed regulation concerns with big tech companies in a post-hearing press conference.
United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies.
The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16.
Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight Council for banks. Crapo said:
“We've got to look at how we structure data protection in the United States […] We need to move to a comprehensive approach. What that structure exactly is, I can't tell you.”
When a reporter asked whether Crapo was calling for a comprehensive privacy law, Crapo confirmed that he was.
Senator Brown appeared to agree with Crapo, saying “it will be hard to do something comprehensive, but I hope we can.”
Senator Brown also discussed how the public no longer trusts big tech companies:
"Clearly, Americans don't trust Wall Street. They now are putting big tech and big banks in the same category. Because they've seen the betrayal and the u