David Marcus, Chief Executive of Calibra, spent nearly 7 hours in a hearing before the Financial Services Committee of the US House of Representatives.
Next to him, former CFTC director Gary Gensler and Coinshares strategy director Meltem Demirors were also interviewed.
Unlike the previous day’s hearing, most representatives have proven they have extensive knowledge of blockchain technology and cryptomonas. They compared the Libra with other inventions used by banks and companies throughout the history of the US, which proved to be disastrous for the economy.
Marcus reiterated the promise that the Libra will not be launched until the legal status of the Cryptomon will be clarified. However, he declined to declare that the development of the project would be halted in the meantime.
Some members of the congress, like Sean Duffy, have praised Facebook’s innovation. However, he asked for clarifications about the possible censorship of controversial people such as Milo Yiannopoulos or Louis Farrakhan. They were forbidden to use the Facebook platform.
“Personally, I do not think we should tell people what they can do with their money,”
Marcus replied. However, he said these policies would have to be set by the Libra Association’s Board.
Who governs the Libra?
Democrat Alexandra Ocasio-Cortez also questioned the governance of this global aspiring coin. She wanted to know who selected the board members of the Libra Association and what are the selection criteria.
Marcus replied that membership is open, subject to certain requirements. However, even in the perspective of a future decentralization, consumers will not be able to run a Libra node.
“So we’re talking about a currency governed by private corporations,”
Meltem Demirors, the only representative of the cripto industry present at the hearing, highlighted the differences between Libra and Bitcoin.
“Libra is not a cryptomon … I want to emphasize this distinction and draw a very clear line,