The US Representative Financial Services Committee heard testimony from Facebook's David Marcus, today, July 17. Marcus, CEO of the Calibra Wallet Social Media Giant's Libra Stablecoin, attempted to overcome the Project's concerns about Project and educate lawmakers for its purpose and potential. Cointelegraph has collected some important quotes from the hearing that you can see here.
[2:50] Rep. Maxine Waters, head of the Financial Services Committee: "Demonstrated pattern not to keep consumer data private on a scale similar to Equifax … Facebook also allowed malicious Russian state actors to buy and target ads".
[5:40] Rep. Patrick McHenry: "We're here to go beyond the headlines … Washington has to go beyond the hype to make sure we're not the place where innovation is going to die."
[27:] McHenry: "Why are you doing this in Switzerland and why are you using one basket of currencies? Why not the good old US dollar?
Marcus: "… The choice of Switzerland has nothing to do with escaping responsibility or supervision. The goal of Switzerland is to home this Libra in an international place … "
[0:40:10] Rep. Nydia Velasquez:" Do you commit not to start until all the concerns of the Federal Reserve and all the regulators are addressed? "
Marcus:" Absolute congressional friend, and I want to repeat this commitment that this was the spirit we announced early … "
[1:01:51] Rep. David Scott:" Neither your white paper nor your subsequent Facebook posts offered specific details on how to plan or enforce strong money laundering, how you plan to enforce awareness of your customer insurances, and most importantly, to ensure – and that is all we are concerned about – the security of our financial system. […] What do you see as the responsibility for weapons to fight money laundering, to protect our economic system? "
Marcus:" [Libra] wants an AML program and will have guidelines for all members to enforce AML, KYC, CFT standards. […] Blockchain provides additional information to law enforcement and regulators in relation to our current system. "
Scott:" What do you expect when some of the new ways that criminals can attempt to export and exploit Libra for illegal use, and how are you fighting [this]? "
Marcus:" I couldn't agree with you in the congressional member, and I think we can improve the current system because we have a chance this time to think about how the network is designed, the way to on and off ramps is right regulated with proper KYC controls, the right way to monitor new activity and report it with new technology, and I think this system could be potentially better on these fronts. "
[1:17:44] Rep. Sean Duffy:" Who can use Calibra and Libra?
Marcus: "Anyone who can open an account goes through KYC, in countries where we can operate."
Duffy: "Who can use a $ 20 bill? […] This $ 20 bill does not discriminate on all you can be a killer, terrible thing, you can say good things. This $ 20 bill can be used by every single person As for the network, Milos Yianopolous and Louis Farrakhan can use Libra? "[both have been banned from FB]
Marcus:" I don't know yet a congressman. "
[1:33:00] Rep. Brad Sherman: "We must get Mr. Zuckerberg here. This is the biggest thing, or this is trying to become the biggest thing this committee will handle this decade […] Now, for some of us, innovation has always been good, The most innovative thing that happened in this century is when Osama bin Laden came up with the idea of flying two planes in the twin towers, which is the most consistent innovation, although this will do more to disrupt America than that […] If Crypto Competition Is Used For To fund the next terrible terrorist attack, 100 consecutive attorneys will not allow $ 200,000 per hour to protect their [Zuckerber’s] back end from the American people's anger. "
[2:37:00] Rep. Ayanna Pressley: "It is a long time since we stop destroying the consumer's privacy to make a profit. […] Do you want to trust your money with a company that necessitates it only wings it?"
[2:50:00] Rep. Alexandria Ocasio-Cortez: "I think we are here today because Facebook, a publishing platform, an advertising network, a monitoring company, a content provider, will always establish a currency and trade through the wallet as at least one payment processor. Why should these activities be consolidated under one company? "
Marcus:" The only thing we focus on is solving problems for those who are left right now, and we think it's important because we have the ability to invest and the products to deliver the services that will solve problems . "
[3:11:30] Madeleine:" No, we need to trust you. We absolutely need to trust you […] Can you be specific about the error that generated a $ 5 billion fine? It is hard to trust when the collection, storage and misuse of your customer information generated a $ 5 billion fine. "