David Marcus, CEO of Facebook’s Calibra, testifies to the House Financial Services Committee hearing on"Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System" on Capitol Hill.on Wednesday over its planned cryptocurrency, saying the company had not shown it could be trusted to safeguard the world financial system and consumers’ data.
The social media company is fighting to get Washington on its side after it shocked regulators and lawmakers with its announcement on June 18 that it was hoping to launch a new digital coin calledIt has faced criticism from policymakers and financial watchdogs at home and abroad who fear widespread adoption of the digital currency by Facebook’s 2.38 billion users could upend the financial system.
“I have serious concerns with Facebook’s plans to create a digital currency and digital wallet,” Maxine Waters, chairwoman of the Democrat-controlled House Financial Services Committee, said in her opening remarks. “If Facebook’s plan comes into fruition, the company and its partners will wield immense economic power that could destabilize currencies and governments.”on the House Financial Services Committee questioned David Marcus, the Facebook executive overseeing the project, who was grilled by the Senate Banking Committee on Tuesday over the possible risks posed by Libra to data privacy, consumer protections and money laundering controls.
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