Tech Giants To Face US Hearings On Anti-Trust, Cryptocurrency

Washington: Apple, Google, Amazon and Facebook are set to face two US House hearings on anti-trust issues and Facebook’s planned cryptocurrency Libra. On Tuesday, the House Committee on Judiciary will discuss anti-trust issues while the Senate Banking Committee will discuss Facebook’s digital currency ‘Libra’ that is slated to arrive in 2020, CNET reported on Sunday. Amazon is often criticized for undercutting competition on price.

“Facebook and Google have struggled with questions around privacy, free speech and election interference. Amazon and Apple meanwhile have grown so large and powerful, some lawmakers say they’ve become monopolies that need to be split up,” said the report. Facebook has reached a whopping $5 billion settlement with the US Federal Trade Commission (FTC) in the Cambridge Analytica privacy violations. The European Union’s anti-trust regulators in March fined Google 1.49 billion euros. (IANS)

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