Blumenthal, Hawley, Markey Disappointed With Possible FTC-Facebook Settlement
Three tech-focused senators are disappointed the FTC reportedly didn't reach with Facebook "a strong, bipartisan agreement, sending the wrong message to tech companies.” Sens. Ed Markey D-Mass., Richard Blumenthal, D-Conn., and Josh Hawley, R-Mo., said the potential $5 billion pact…
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with the company (see 1907120054) "is a far cry from the type of monetary figure that would alter the incentives and behavior of Facebook and its peers." Such a settlement "would be egregiously inadequate given the extent of Facebook’s privacy violations," said a news release on Tuesday's letter to commissioners. They requested responses by Aug. 6 to questions about the deal. Queries included, "Will the FTC impose restrictions on Facebook’s upcoming cryptocurrency offering, Libra, as part of this settlement? If not, why not." Also Tuesday, legislators held a hearing on Libra (see 1907160042). The commission received the Blumenthal, Hawley and Markey letter, a spokesperson said, declining further comment.