Earlier today Facebook Libra met with US Senators from the Senate Banking Committee. Here are a few highlights of note from the hearing.
Facebook Libra Meets with Lawmakers Again
Today Facebook answered questions from concerned US lawmakers on the Senate Banking Committee. As previously covered by Bitconist, lawmakers are worried that Facebook’s Libra cryptocurrency could operate outside the regulatory oversight of authorities and also function as a safe haven for illicit criminal activity.
When questioned about the intricacies of the cryptocurrency, Calibra head David Marcus said that Facebook will only integrate its Calibra cryptocurrency wallet into Whatsapp and Facebook Messenger. According to Marcus, Libra will not embed wallets from competitors but the Libra wallet will be interoperable amongst users desiring to send money between other cryptocurrency wallets.
Generally, the Senate hearing went smoothly and a number of lawmakers asked questions which showed they had done their homework on developing a broad understanding of the Libra project. Many lawmakers appeared to have genuine concerns about investor protection from scams, unvetted third-party developers, and the exact role Facebook or the Calibra Association would play in preventing illegal transactions. Ultimately, though discourse comes understanding and this will probably not be the last hearing the Senate Banking Committee has with Facebook.
Do you think the Libra will be regulated by the U.S. government? Share your thoughts in the comments below!
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