The second phase of the Senate Hearing for Libra with David Marcus began with his testimony. The first phase with the Housing, Banking, and Urban Affairs Committee focused on the privacy and security issues of the proposed cryptocurrency by Libra.
Today, the Committee on Financial Services headed the hearing titled, ‘Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.’
Their concerns were focused around the nature of the business, their plans, degree of autonomy, and most importantly, its vision in the Financial Service Industry. The Senators were evidently concerned about the challenge that Libra is currently posing to the Federal Reserve. Senator Meeks noted that,
“[it could bring] down the entire Federal Reserve and affect the Financial Services industry”
Maxine Waters, Chairwoman of the Committee, headed the meeting. She began with the fact that even though David emphasizes that Facebook will be one in a hundred members of the association, it is currently leading the Association. She said,
