In preparation for the upcoming Libra hearings on July 17, Marcus addresses a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee. Marcus wrote, “I want to give you my personal assurance that we are committed to taking the time to do this right.”
Facebook has lined up 27 launch partners, including crypto exchange Coinbase, and intends to have at least 100 members for the Libra Association, which will act as the cryptocurrency’s governing council, when the token goes live. Following the release of Libra’s white paper, Waters wrote a statement expressing his concern, asking Facebook to cease work on Libra, in the middle of June, stating:
Waters and the House of Representatives Committee on Financial Services further requested Facebook and partners to impose an official moratorium on Libra development. A collection of advocacy groups submitted a letter with their own questions on July 2 and requested a moratorium on development of Libra.
Interestingly, Libra’s commercial success is higher than those of other cryptocurrencies as offering financial services through its social media services including Facebook, WhatsApp and Instagram and their billions of users, the firm can easily guarantee convenience and price competitiveness.
Read more: Korean Watchdog Raises Concerns Over Facebook’s Libra
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