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Babbitt, Author: Kyle, reproduced by Odaily with authorization.From the evening of July 17th to the early morning of July 18th, Beijing time, following the first Libra hearing held by the U.S. Senate on the 16th, the U.S. House of Representatives held the second Libra hearing. Facebook Calibra team leader David Marcus once again Appear for a hearing and be questioned. The senator the day before had tortured Marcus's soul for more than 2 hours, but today's House of Representatives hearing lasted more than 5 hours.
Live broadcast of the whole process
, a real-time report on the wonderful views of the hearing.
The first highlight of this hearing may be the opening statement of Patrick McHenry, vice chairman of the US House Financial Services Committee, saying:
"Washington must avoid becoming a place to stifle innovation. We cannot choose to ban technological innovation because we cannot understand it for the time being. In fact, today is not Facebook. The change has come. Blockchain technology is real. This fact is confirmed. Satoshi’s Bitcoin is an unstoppable force, we should not stop this innovation, nor can the government stop this innovation.”
Over the next 5 hours, members of the House of Representatives began to launch a wheel war against Marcus. Here are the highlights:
Congressman: How to cooperate with regulators, the committee does not know what role Facebook has 28 members?
Marcus: It is mainly the need for proper supervision, which is also the spirit embodied in our white paper. Libra is also working hard to cooperate with G7, Switzerland and other countries.
Member: Sanctioned countries often use digital currency. How does Libra control its use in these countries?
Marcus: Regardless of whether Libra is online or not, there will always be other digital currency networks, but we are committed to working with regulators.
MP: Many third world countries have very strict monetary policies and do not allow consumers to access foreign currencies. How does Libra solve this problem?
Marcus: This needs to be solved country by country. There are many countries that have the problem you mentioned. Some countries have very strict monetary policies. Both can interact with other wallets to provide network value, we don't have to be the only Libra wallet, some regions will have their own wallets.
Marcus: Libra does not involve banking services, but focuses on payments, which is the same as PayPal and Square Cash.
Marcus emphasized again: "No one will use Libra to invest; from the Howey test, Libra is not a security, but a payment tool."
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Rep. Sherman: America's strength lies more in the dollar than in the military. When it comes to cross-border payments, transfers, let's do it in US dollars; when it comes to benefiting the unbanked, cryptocurrencies are illegal in India, you can't do it; Zuckerberg can't print his own money, Zach Berger is now entangled in privacy concerns. We need Zuckerberg to come here, and we need to tell him that 100 lawyers are useless if cryptocurrencies are being used to fund terrorism to harm America and violate the privacy of American citizens.
People will call this thing Libra, and people will call it ZuckBucks (Zuckerberg coins). So we need Zuckerberg to sit here and Libra is doing as much damage to America as 9/11. 100 lawyers charging $20,000 each won’t be enough to protect Zuckerberg from the wrath of the American people if Libra is used in a terrorist attack.
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Congressman: According to what you said, Facebook has 1 vote in the Libra Association. If Facebook acquires a member of the Libra Association, does Facebook have more control over Libra?
Marcus: In the Libra Association, no one can get more than 1 vote (1%).
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Chinese companies, Alipay, WeChat are mentioned
Congressman: "Will Libra become a competitor of Alipay, WeChat Pay, or PayPal?"
MP: Will Chinese companies become members of Libra?
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MP: How does Facebook make money with Libra?
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Marcus: There are two ways: 1. Billions of people are able to transact, which can drive small business expansion and indirectly drive the development of the Facebook advertising business. 2. With the development of time, if we win the trust of users to use the Calibra wallet, we will provide various services, such as lending, etc., and establish partnerships with financial institutions.
Marcus: Whether Libra will launch or not, there will be other networks.
Marcus: The Libra Association is in Switzerland, but it will be registered with FinCEN and will comply with all AML and KYC rules.
Marcus: Libra is not an ETF, although there are some operational similarities, because Libra is a payment tool, no one will invest in Libra it is a stable currency.
Marcus: We did open source, it's not ours anymore. It now belongs to the community, and they will help build the code, and we will relinquish control of the codebase and network through the process. Compilers will not execute code unless formally verified, and the Libra Association will have guidelines outlining what code can and cannot be released.
