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Facebook's David Marcus Assures Congress as Libra will cooperate



David Marcus, head of Calibra on Facebook, has written letters to Chairman Maxine Waters and members of the House Financial Services Committee in preparation for upcoming Libra hearings, according to a report by The Hill on July 9. [19659002] According to the report, Marcus wrote: "I will give you my personal assurance that we are committed to taking the time to do this right."

In addition to being the leader of the Calibra wallet, LinkedIn shows David Marcus as co-creator of Libra.

Marcus & # 39; s letter is just the last in a long gathering between Congress and Facebook since the latter published the White Paper for its upcoming Libra currency. This back and forth began in mid-June when Waters wrote a statement expressing her concerns and desire for Facebook to stop working with Libra, says:

"Given the company's troubled past, I ask that Facebook agrees with a moratorium For any move forward in developing a cryptic liquidity for the Congress and regulators have the opportunity to investigate these issues and take action. "

Waters and the Financial Services Representative also requested that Facebook and its partners impose an official moratorium on Libra development.

On July 2, a collection of lawyer groups sent a letter with their own questions, as well as a request for a moratorium on the development of Libra.

Marcus posted on Facebook on July 3 to address these concerns and to stress that Facebook would have a limited role in managing the stable coin-like cryptocurrency Libra among the expected hundred plus members of the planned Libra Association.

As previously reported by Cointelegraph, the House Financial Services Committee will hear Facebook's testimony of Libra on 1

7 July. David Marcus is rumored to testify at this hearing, as well as at the Senate for the Banking Committee's hearing on July 16.


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