David Marcus, the leader of Facebook’s new digital currency project, Libra, swore to Rep. Maxine Waters (D-Calif.) that the organization is “setting aside the effort to do this right” after a gathering of Democratic officials, including Waters, called for Facebook to stop its plans.
In a letter to Waters and other top individuals from the House Financial Services Committee, Marcus protected Libra’s main goal and pledged to answer policymakers’ “significant inquiries,” as per a duplicate of the letter gotten from The Hill on Tuesday in front of arranged hearings on the issue.
“I need to give you my confirmation that we are focused on setting aside the effort to do this right,” Marcus composed.
The letter, dated July 3, was sent to the gathering of Democratic administrators who a week ago sought for a ban on Facebook’s Libra. The House Financial Services Committee members, including Democratic Reps. Carolyn Maloney (N.Y.), Wm. Lacy Clay (Mo.), Al Green (Texas) and Stephen Lynch (Mass.) and Waters, panned Facebook’s history of security scandals and the potential for its new crypto to draw in nefarious activities.
Their letter called for Facebook to “stop execution plans until regulators and Congress have a chance to inspect these issues and make a move,” saying an inability to do as such “risks another Swiss-based financial system that is too huge to fall fail.”
In response to critics, Marcus stated, “We comprehend that big ideas require some investment and time, that policymakers and others are bringing up questions, and that we can’t do this by ourselves.”
“We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received,” he wrote.
Waters, the chairperson of the House Financial Services Committee, has offered probably the most scorching criticism.
“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,”
Waters said in the announcement, hitting Facebook over its supposed infringement of consumer protection laws and controversies around data privacy.
Libra is supported by many amazing organizations, including Mastercard and Uber, and is slated to launch one year from now. Libra has marked itself as a push to help the “unbanked,” the evaluated 1.7 billion individuals who don’t approach conventional banking.
“Libra is about a major thought,” Marcus said. “The objective of the Libra is to lessen exchange expenses and extend access to the financial systems utilizing blockchain innovation.”
Marcus is set to testify before Waters’ committee one week from now, just as the Senate Banking Committee and the letter could review some of what he intends to say in the meeting.