Libra Is Like Sending a Friend Request to Terrorists, Politician Says

A United States Democratic congressman has claimed “Mark Zuckerberg is sending a friend request to oligarchs, drug dealers, human traffickers and terrorists” by launching Facebook’s Libra cryptocurrency. In a combative tweet on July 17, Brad Sherman described Libra as the “Zuck Buck” and he accused the Facebook CEO of deliberately attempting to circumvent America’s anti-money laundering laws. Sherman’s post was accompanied by a mock Facebook screenshot that showed Zuckerberg sending drug kingpin Joaquin “El Chapo” Guzman a friend request. Underneath, the billionaire’s other friends are listed as the Palestinian group…

Key Comments From Libra Hearing at US House of Representatives

The United States House of Representatives Financial Services Committee heard testimony from from Facebook’s David Marcus, today July 17. Marcus, the CEO of the Calibra wallet service for the social media giant’s forthcoming Libra stablecoin, attempted to assuage regulators’ concerns regarding the project and educate lawmakers on its purpose and potential. Cointelegraph has compiled some key quotes from the hearing, which you can view here. [2:50] Rep. Maxine Waters, chair of the Financial Services Committee: “Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax……

Ocasio-Cortez Criticizes Corporate-Controlled Money in House’s Libra Hearing

New York Congresswoman Alexandria Ocasio-Cortez addressed the control of Facebook’s Libra cryptocurrency in today’s United States House Committee on Financial Services hearing. As per a recording of the event, provided by C-Span on July 17, Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “Facebook wants to establish a currency and act through its wallet as — at minimum — a payment processor. Why should these activities be consolidated under one corporation?” Regarding the membership of the Libra Association, Ocasio-Cortez asked, “Were they democratically elected?” After Marcus answered that it was not, but…

Jamie Dimon Says Libra Does Not Pose a Threat in Short Term

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future. As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.” Dimon continued…

Reasons Why US Government Won’t Ban Libra Cryptocurrency

Things are heating up for Libra: This week’s United States congressional hearings showed that many politicians are not convinced by the safety aspects of Facebook’s cryptocurrency project, as they grilled the social media giant on privacy- and trust-related issues. In response, Facebook keeps stressing Libra’s compliance with regulators and readiness to discuss possible frameworks. Meanwhile, a drafted bill titled “Keep Big Tech out of Finance” surfaced right before the testimonies before Congress took place. So, does the U.S. government have the power to terminate Libra — which is something Rep.…

Libra to Satisfy All Regulatory Matters Before Its Launch

David Marcus, CEO of Facebook’s crypto wallet Calibra, underlined that Facebook would not launch the Libra cryptocurrency project before they address all regulatory concerns. Marcus delivered his comments at a hearing on Libra with the Financial Services Committee of the United States House of Representatives today, July 17, as reported by a Cointelegraph correspondent. On the second day of hearings on Libra’s structure and management, Rep. Nydia Velazquez asked Marcus, “Will you commit yourself to not launch before all the concerns from the Federal Reserve and other regulators are addressed?”…

Watch Today’s Facebook Libra Hearing at the House Financial Services Committee

Today the U.S. House Financial Services Committee will grill Facebook executive David Marcus on the social media giant’s proposed Libra cryptocurrency. The lawmakers will also interview a panel of expert witnesses, including former CFTC chairman Gary Gensler and bitcoin doyenne Meltem Demirors. The session kicks off at 14:00 UTC (10 a.m. EST). Watch it here: Also, read our coverage of yesterday’s Senate Banking Committee hearing, where mentions of bitcoin were noticeably scarce and Marcus said he’d be willing to be paid 100 percent in Libra. Join CoinDesk in Washington, D.C., tonight…

It’s Not Up to Facebook to Decide What Libra Is, Ex-CFTC Advisor Says

“Is it a security? Is it a commodity pool? Is it a payment token? Is it a utility token? It’s a particularly important question … not just domestically, but also internationally.” So said Jeff Bandman, a former fintech advisor at the U.S. Commodity Futures Trading Commission (CFTC), speaking to CoinDesk about Facebook’s Libra cryptocurrency in a live broadcast on Tuesday. Stressing, “one of the most important question about Libra is what it is,” Bandman suggested there could be a long way to go before a decision is made by regulators…

Bank of England Governor on Libra as a Solution to Financial Problems

Bank of England governor Mark Carney said that people need to acknowledge the issues Facebook is attempting to solve with Libra, regardless of the project’s potential downsides. Carney delivered his remarks at the Financial Stability Report press conference as seen on the Bank of England’s YouTube channel on July 11.  Carney said: “It’s way too expensive to do domestic payments. It’s way too slow, and that hurts consumers and businesses. It stifles innovation, and it’s far too expensive to send money cross-border, and there are huge financial inclusion issues related…

US Rep. Kevin McCarthy Praises Bitcoin while Criticizing Libra

United States house minority leader Kevin McCarthy praised Bitcoin (BTC) while criticizing Facebook’s Libra stablecoin during an interview with CNBC published on July 16. During the interview, McCarthy said: “I like Bitcoin. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.” He also explained that his concern over technology companies joining finance is anticompetitiveness. McCarthy believes that companies entering the space are looking to create…