For the second day in a row,Thriller Archives Republican and Democratic lawmakers slammed Facebook over its digital currency, Libra.
Members of the House Committee on Financial Services backed the message of their Senate colleagues from yesterday: they don’t trust Facebook.
Rep. Maxine Waters opened the hearing by blasting Facebook’s “pattern of failing to keep consumer data private on a scale similar to Equifax" and said that if Libra launches, "the company and its partners will yield immense economic power that could destabilize currencies.”
Libra is a blockchain-based digital currency, or cryptocurrency, which Facebook formally announced last month. It's overseen by a non-profit headquartered in Switzerland, the Libra Association, of which Facebook is a member. The social media giant also created a subsidiary group, Calibra, for its own Libra-related products.
Rep. Alexandria Ocasio-Cortez listed all the different industries Facebook has disrupted -- publishing, advertising, telecommunications -- alluding to the monopolistic nature of of the company.
“Why should these activities be consolidated under one corporation?” she 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.
One of Facebook’s main selling points for the digital currency is the ability to provide instantaneous monetary transfers at minimal fees. Rep. Patrick Henry asked Marcus, a former president of PayPal, why they needed to create its own currency to do so.
“We would like for Libra to be a digital global currency and as a result be one unit of digital currency for the whole world.” Marcus replied. “This is why we believe it’s the right approach.”
Facebook's second day of Congressional hearings on its Libra cryptocurrency didn't go much better than its first day. Credit: Alex Wong / Getty Images Much like at the Senate’s hearing, Republicans commended Facebook on the endeavor to build something new. Some on the committee even criticized the idea of holding hearings on Libra right now, just one month after the company’s announcement.
"Kudos on the innovation," said Rep. Sean Duffy.
But, this didn’t stop the Republican Congressman from stumping Facebook’s Marcus with a line of questioning regarding who can use Libra.
"Can Milo Yiannopoulos use Libra? Can Louis Farrakhan? Both of those people are banned from Facebook," said Duffy. “Can a gun dealer?”
The sale of firearms on Facebook’s marketplace is banned from the social networking platform.
“I don’t know yet,” explained Marcus.
Concerns regarding Libra being used to fund drug trafficking and terror, as well as its general effects on economies and markets across the world, were shared by both sides of the aisle.
“I’m concerned a 2020 launch date represents deep insensitivities about how Libra could impact U.S. financial security, the global financial system, the privacy of people across the globe, criminal activity and international human rights,” said Rep. Ann Wagner, a Republican.
“We need Zuckerberg here,” Democratic Rep. Brad Sherman demanded. "This is an attempt to transfer enormous power from America to Facebook.”
Topics Facebook Cryptocurrency
DDR4 Memory at 4000 MT/s, Does It Make a Difference?
Tablet deals at Amazon
Best free online courses from Stanford University in August 2024
Tablet deals at Amazon
How to Reboot and Reset Android Devices
Best Apple Watch deals: Save on Series 9 and more
NYT mini crossword answers for August 16
NYT Strands hints, answers for August 10
Watch how an old Venus spacecraft tumbled before crashing to Earth
Where to pre
Meta continues its submission to Trump with new advisor on its board
Instagram is failing to protect female politicians from abuse and hate speech
How to view the aurora borealis in the U.S. tonight
Wordle today: The answer and hints for August 14
NYT Connections Sports Edition hints and answers for May 19: Tips to solve Connections #238
Best Instacart deal: Save up to 25% during Back
Women are using ChatGPT to catch men lying about their height
Webb scientists haven't found a rocky world with air. But now they have a plan.
Exceptionally rare radio sources detected in the distant universe
The best camping deals at Amazon this week include coolers, tents, and more
Epic Games' Death Stranding freebie crashes serversWatch Janet Jackson surprise a superfan dad at her showTwo Chairs is a mental health startup banking on inTrump's interest in buying Greenland gets relentlessly mocked on TwitterThe #GreenShirtGuy laughing at pro'Sexy pavement lichen' is the latest thing we apparently need to be told not to eatGay penguins adopt an egg after months of trying to hatch rocksAdele only needs 1 Instagram post to prove she’s having a better summer than youWinter storm flight delays and cancellations: These apps could helpTesla offers $7,500 discount on new Model 3 and Model Y carsFTC Fortnite refunds: See if you’re eligible for one and how to get itLook at these service dogs enjoying the theaterAdele only needs 1 Instagram post to prove she’s having a better summer than youTrump just looked up to the sky and told reporters 'I am the chosen one'New Twitter feature lets you watch Tesla stock craterKamala Harris says it's been 'strange' to see her waving hand moment become a memeThe #GreenShirtGuy laughing at proTwitter thread asks how your name would be spelled like the chalkboard baby name meme23 best free iPhone apps, according to Reddit'INeedToLeaveNYC' shows how living in NYC can be a mess of contradictions 2025 TV preview: All the TV shows you need to know, and where to stream them Best earbuds deals: Save up to 68% on fitness earbuds Best robot vacuum deal: Get the Ecovacs Cube Pro Robot Vacuum and Mop for $470 off at Best Buy Bowflex SelectTech 552 Adjustable Dumbbells on sale: Save $150 at Amazon Best fitness tracker deals: Apple Watch Series 10, Fitbit Inspire 3, and more Los Angeles Clippers vs. Oklahoma City Thunder 2025 livestream: Watch NBA online Ohio State vs. Oregon football livestreams: kickoff time, streaming deals, and more NYT mini crossword answers for December 29 Los Angeles Clippers vs. New Orleans Pelicans 2024 livestream: Watch NBA online NYT Connections hints and answers for January 1: Tips to solve 'Connections' #572. Salt Typhoon hack: AT&T and Verizon give 'all clear' Sewing machine deals: Brother, Singer, and more Best Amazon deals of the day: Fitbit Versa 4, Roku wireless soundbar and bass, 43 Ninja deals: Get up to 31% off at Amazon Best portable speaker deal: Get the Bose SoundLink Max for its lowest price yet Apple to pay $95 million settlement for Siri listening to your private conversations Wordle today: The answer and hints for January 2, 2025 Notre Dame vs. Georgia football livestreams: kickoff time, streaming deals, and more Philadelphia 76ers vs. Portland Trail Blazers 2024 livestream: Watch NBA online Best free online courses from Harvard University
2.2943s , 10131.0546875 kb
Copyright © 2025 Powered by 【Thriller Archives】,Feast Information Network