House committee members bash Facebook's Libra cryptocurrency plans

crypto chief David Marcus faced skepticism Wednesday from lawmakers at a House Financial Services Committee hearing on the company’s plans for the digital currency Libra.

Sherman called for Facebook CEO Mark Zuckerberg to face congress and said the executive, “needs to be an advocate for privacy and so he is creating a device which will provide privacy to drug dealers, human traffickers, terrorists, tax evaders and sanctions evaders.” Clarifying his response, Marcus told Waters, “I committed to waiting for us to have all the appropriate regulatory approvals and have addressed all concerns before moving forward.”Maloney asked if Marcus would commit to a pilot program to launch Libra to 1 million users with regulatory oversight. Marcus said that Facebook came out with this plan and a white paper prior to Libra’s full release in order to go through regulators.

In response to a question from Rep. Scott Tipton, R-Colo., Marcus said the project is not planning to offer banking services, but acknowledged that banking regulation would be in order if it were. Throughout the hearing, Marcus stressed the focus of Libra is “payments” rather than banking.Lawmakers also expressed concern about the impact of Libra on the strength of the U.S. dollar.

“That’s money that’s being sucked out of the U.S. financial system and being put into whatever this cabal is putting together in terms of Libra and Calibra,” San Nicolas said. “Once we impact disproportionately U.S. dollar demand by sucking dollars into Libras, interest rates will have to rise to attract dollar denominated investors, higher interest rates will injure the U.S. economy and U.S. jobs, higher interest rates, perhaps more importantly will raise the financing cost of funding U.S.

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