Tulsi Gabbard (D-Hawaii) says the prospect of Facebook introducing a new, digital currency, Libra, would too greatly expand the company's access to personal data.
"Giving someone like Mark Zuckerberg the power of his own currency, and what he can do with the information, the personal information, that he's already gathering, I think it's very dangerous," Gabbard told Cheddar Tuesday.
Her comments followed an, at times, hostile hearing organized by the Senate Banking Committee over the tech giant's new venture.
The Congresswoman from Hawaii will have the opportunity to grill Facebook executive David Marcus on Wednesday, when he's expected to testify to the House Financial Services Committee, which the representative sits on, if she shows.
Last week, Marcus sent a memo to the committee's chairwoman Maxine Waters attempt to assuage officials' concerns over the currency. But representatives don't yet appear assuaged, and now some politicians are passing a draft of a "Keep Big Tech Out of Finance Act."
Ranking member of the Senate Banking Committee Sherrod Brown (D-Ohio), is equally concerned with Libra, and told Cheddar after the hearing that the new crypto division is a "scheme." Brown was one — if not — the most aggressive critic of Facebook at Tuesday's Senate hearing.
"They're an American company when it serves them, but they're not particularly American company when it comes to paying their taxes, and now doing this whole 'scheme' on cryptocurrency," Brown told Cheddar.
Gabbard said she believes it's Congress' responsibility to break up big tech companies, such as Facebook, over antitrust concerns. Other fellow presidential candidates like Sen. Elizabeth Warren (D-Mass.) have called for increased government regulation of large, technology platforms.
Although the regulation of big tech has not been the focal point of Gabbard's 2020 pitch, the growth of these tech giants may pose a free speech threat to American citizens, and could become a more significant issue in the 2020 Democratic presidential primaries
"These monopolies, which is exactly what they are, should not have unilateral power that they have right now, to control what kinds of information we are seeing, and to shut up certain voices in this country," Gabbard added, pointed out the antitrust concerns she has with Facebook, and tech giants.
Even Donald Trump has taken a stab at Libra, as bipartisan support grows in the dismantling of tech giants. He wrote, "Facebook Libra's 'virtual currency' will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International."
Although Democrats and Republicans may disagree on their overall concerns over Libra, and the growth of big tech as a whole, Gabbard remains cautious of leaders like Mark Zuckerberg:
"I think it's a very dangerous thing to give that much power and influence and money in the hands of one person."
A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
