Facebook’s Libra Is Getting Slowed Down By US Congress

David Marcus, the top of Facebook’s new Calibra payments division, appeared before 2 hostile congressional committees this week with a straightforward message: Facebook is aware of policymakers are concerned about Libra, and Facebook will not move forward with the project till their issues are addressed.

Criticisms of scandal-ridden Facebook dominated this week’s House and Senate finance committee hearings on Libra, indicating the social media company is that the biggest hurdle to conveyance the currency to live.

“Distrust of Facebook is a pretty universal feeling here,” Sherrod Brown, the senior member of the Senate Committee and an Ohio Democrat, same throughout the hearing.

Lawmakers do not trust Facebook, due to its information leaks and sanctionative of election change of state and info. specialists say they are right to be skeptical. Libra, they say, centralizes power within the hands of Facebook and a comparatively little variety of alternative entities in an association primarily based in Switzerland.

A lot of individuals in high places are panicking concerning Facebook’s proclaimed cryptocurrency libra. they’re after all wrapping up their issues within the flag of protective privacy however that isn’t extremely what scares them. I create a joke that the U.S. has 350 million users and Facebook has 2.5 billion voters however the reality behind this message is that the root of the concern a couple of Facebook currency.

Rep. Alexandria Ocasio Cortez listed all the different industries Facebook has disrupted — publishing, advertising, telecommunications and more — alluding to the monopoly nature of the company.

“Why should these activities be consolidated under one corporation?” Rep. Alexandria Ocasio Cortez said.

“I don’t think you should launch Libra at all,” stated Rep. Carolyn Maloney. “At the very least you should agree to do this small pilot program fully overseen by you, the Federal Reserve and the SEC.”

“We will take the time to get this right,” replied David Marcus, head of Calibra, without agreeing to the proposed pilot program.