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LIBRA: Senate Banking Hearing on Facebook Digital Currency

Libra Senate Hearings

LIBRA: Senate Banking Hearing on Facebook Digital Currency

Facebook’s David Marcus pledged to work with lawmakers to address concerns over the company’s new proposed digital currency. Mr. Marcus, a co-creator of Libra, testified before the Senate Banking Committee. For more than two hours he took questions from lawmakers regarding a variety of concerns including the possibility of money laundering schemes, scams, terrorism financing and international sanctions violations. Mr. Marcus argued the lawmakers' concerns were why the U.S. needs to lead in this emerging market. Sen. Tom Cotton (R-AR) raised concerns over countries like Iran developing its own cryptocurrency to avoid sanctions compliance by not using the U.S. dollar.

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