US Lawmakers Call Facebook’s Cryptocurrency Plan Crazy And Delusional After Senate Hearing

WASHINGTON (Reuters) - U.S. lawmakers bashed Facebook on Wednesday over its planned cryptocurrency, after a bruising first bout a day earlier when senators from both parties condemned the project, saying the company had not shown it could be trusted.

The social media company is fighting to get Washington on its side after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.

It has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook's 2.38 billion users could upend the financial system.