Facebook is already facing scrutiny over its lofty plan to launch a global cryptocurrency. The social network's announcement Tuesday caught the attention of senior congressional finance committee members, global regulators, former lawmakers and industry insiders who highlighted potential roadblocks and downsides in Facebook's ambitions.
Regulators will likely question tech giants' end game when it comes to this new data set. While Facebook might not want access to certain types of data, there's an "obvious desire to monetize this," according to Stephen Palley, partner at Anderson Kill and co-chair of the law firm's blockchain and virtual currency group.
"How do you can you really have something that is decentralized and distributed that is actually controlled by a bunch of Silicon Valley plutocrats? Color me skeptical," Palley said. "There's some nontrivial antitrust questions that haven't been widely answered. This might lead to them being more heavily regulated."
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