Analysis

Facebook's $100M SEC Settlement May Complicate Libra Pitch

Law360 (July 24, 2019, 8:39 PM EDT) -- The U.S. Securities and Exchange Commission's $100 million settlement Wednesday over Facebook's user data disclosures paved new ground for the securities regulator while amplifying concerns about the technology giant's privacy practices at a crucial time as it looks to launch a digital currency.

The SEC filed its complaint accusing Facebook Inc. of making misleading statements about research firm Cambridge Analytica's use of personal data just a week after lawmakers grilled the company about plans to develop a digital token, called Libra.

Consumer privacy is a central concern Facebook must address in the lead-up to Libra going live in the first half...

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