Zuckbucks" encounters resistance due to Facebook's damaged reputation, Libra may precipitate unfavorable legislation

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Facebook's Calibra CEO David Marcus took another beating, this time from members of the House, with one lawmaker even scorning the proposed Libra cryptocurrency as "Zuckbucks."

House Financial Services Committee Chair Maxine Waters started the hearing by referencing legislation called the "Keep Big Tech Out Of Finance Act." Congresswoman Waters, a California Democrat, garnered bipartisan support in calling for a moratorium for Facebook before it moves forward with Libra.

Reports surfaced Tuesday that the Swiss agency that Libra execs have said would be used to protect and oversee users' data had not heard from Facebook.

Marcus claimed to not know the answer to numerous questions or was not willing to share more detailed information about Libra.

"You really expect me to believe that? Facebook is built around average users, average number of hits. Visa, Mastercard-all these huge players are signing up and you guys have no idea how much you expect to have in an average Libra account?".

Lawmakers also pointed out that by the end of 2020, Libra was expected to have 100 partners for Libra.

Libra's not a bank, but it's for unbanked, Facebook claims.

Marcus had to admit that he did not have firm numbers on the number of unbanked consumers Libra could serve, causing more head-scratching among lawmakers.

Facebook created Calibra as one of many wallet applications it claims will be on the Libra network.

For Congress, it seems the driving force behind regulating Libra is the distrust toward Facebook.

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