Key Comments From Libra Hearing at US House of Representatives

gepubliceerd op by Cointele | gepubliceerd op

Marcus, the CEO of the Calibra wallet service for the social media giant's forthcoming Libra stablecoin, attempted to assuage regulators' concerns regarding the project and educate lawmakers on its purpose and potential.

2:50] Rep. Maxine Waters, chair of the Financial Services Committee: "Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax... Facebook also allowed malicious Russian state actors to purchase and target ads".

Marcus: "...The choice of Switzerland has nothing to do about evading responsibilities or oversight. The goal of Switzerland is to home this Libra in an international place".

1:01:51] Rep. David Scott: "Neither your white paper nor your subsequent Facebook post offered any concrete details as to how you plan to implement or enforce strong Anti-Money Laundering, how you plan to enforce Know Your Customer protections, and most importantly, to ensure - and that's what all of us are concerned about - the safety of our financial system. what do you see as the responsibilities of Libra to combat money laundering, to protect our financial system?".

Scott: "What are you anticipating as some of the new ways that criminals may attempt to export and exploit Libra for illicit use and how are you combating [this]?".

1:17:44] Rep. Sean Duffy: "Who gets to use Calibra and Libra?Marcus:"Anyone that can open an account, goes through KYC, in countries where we can operate.

Duffy: "Who can use a $20 bill? This $20 bill doesn't discriminate on anything you can be a murderer say horrible things, you can say great things.

With regard to your network, can Milos Yianopolous and Louis Farrakhan use Libra?".

2:50:00] Rep. Alexandria Ocasio-Cortez: "I believe we're here today because Facebook, which is a publishing platform, an advertising network, a surveillance corporation, a content distributor now always wants to establish a currency and act through its wallet as at minimum a payment processor.

Marcus: "The one thing we are focused on is solving problems for the very people who are left behind right now and we believe it's important because we have the ability to invest and the products to deliver those services that will solve problems.

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