18/07/19 09:23 UTC-4

Second day of interrogation: Marcus protects Libra from US lawmakers

Marcus defends Libra from US lawmakers
Marcus defends Libra from US lawmakers

The day after the speech of Project Libra head David Marcus to the Senate Banking Committee, he spoke at a new hearing before US lawmakers to further defend Libra’s rights. 


Libra hearing

A new hearing entitled "Exploring Facebook's cryptocurrency and its impact on consumers, investors and the US financial system" was held at 10:00 am Eastern time on July 17th.

At the hearing before the US lawmakers, Marcus reaffirmed the fact that Libra will fully comply with the rules of the regulatory authorities but will not undertake to stop the project until these problems are resolved.

Interesting in the section: Сryptocurrencies and democracy

Chairman Maxine Waters asked for a moratorium on the development of Libra: "Will you stop Libra’s development and impose a moratorium until Congress adopts the appropriate legal framework to ensure Libra’s work?"

Instead of any confirmation, Marcus reiterated that the company "is not in a hurry to do everything right." Other legislators put pressure on the problem, but at every step the head of Libra refrained from agreeing to stop the project.

Then a member of the House of Representatives, Alexandria Ocasio-Cortez,  turned to Marcus with a question about leadership in the Libra Association. Marcus explained that the membership was open to everyone, in the expectation that they had money. This led to the fact that Okasio Cortes noticed: "So, we are discussing a currency managed by private corporations ... Do you believe that currency is a public good? Do you think the Libra will benefit?"

Marcus declined to answer this question.

Marcus also stressed the role of Libra in US global leadership in a clear attempt to alleviate heightened concerns about the project. He warned that if the US does not take any action on this issue, the world will eventually see another crypto-initiative that will be controlled by someone else whose values ​​are radically different.

Can Facebook convince the US that they can abide by the rules? Follow the further events on our site. 

Head of Project Libra, David Marcus spoke at the new hearing of US lawmakers in the Libra case. Recall that on July 17, according to statistics, the most popular cryptocurrency, Bitcoin, after the recent steady move to $ 11,000, again suffered losses. The cost of the rest of the cryptocurrency also fell.

Editor: Alyona Nabok

See also: "BTC is under pressure from Libra, the course of the coin depends on the hearing of the congress"

#congress #cryptocurrency #Libra #USA



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Fiat money, funds