(BlockBar) Libra’s first round of hearing came to an end, and the crux still focuses on the Facebook itself.
Facebook’s encrypted currency program, Libra, was officially put on the stage of Congressional hearings at 10 a.m. on July 16, US East Time, less than a month before its white paper came out. Although Facebook wants more attention on how it will lead the U.S. innovation in encrypted currencies, in general, Senate at Tuesday’s hearing focused on issues related to Facebook rather than encrypted currencies themselves, which means lawmakers are more concerned about Facebook than block-chain technology.
On Tuesday, a hearing on the topic of “Examining Facebook’s Proposed Digital Currency and Data Privacy” was held on time at Capitol Hill. During the whole hearing, many participants took turns to raise questions fiercely. At the beginning, Mike Carpo, chairman of the Senate Banking, Housing and Urban Affairs Committee, gave Facebook some positive comments. Although uncertainties exist, Libra’s goal of payment system is commendable.
But soon after the politeness was maintained, Serrod Brown, the vice-chairman, took the lead in criticizing Facebook, saying that the latter was “dangerous… disrespectful of the power of technology and trying to manipulate people’s moods” and that “Facebook has destroyed people’s political discourse and journalism.” Next, David Marcus, the father of Libra and head of Facebook’s blockchain department, recited his written testimony and said that the United States should, of course, lead the world in setting rules for encrypting currencies. “If the United States can’t lead the innovation of digital currency, other countries will surpass United States becoming the leading country in this industry,” he said.
When talking about Facebook’s influence on Libra projects, Marcus repeatedly stated that the former was only one of several companies involved in Libra projects. But Brown bluntly said, “You know better than anyone that only Facebook (as a social company) can reach 2 billion people.”
Overall, Marcus seems to be honest in responding to parliamentarians’ inquiries, but at the same time, he has repeatedly avoided key questions and kept beating about the bush at the hearing. According to the hearing, it will still be difficult to dispel outside doubts about Facebook. As Brown told Coin Desk, “It’s clear that Americans don’t trust Wall Street, and now big technology companies are included in the untrusted list.” On Wednesday afternoon, the House Financial Services Committee will hold another hearing on the matter.
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