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Head of Facebook Subsidiary Reassures Congress of Libra’s Cooperation

Calibra head David Marcus sent a letter to Rep. Maxine Waters and the other members of the Financial Services Committee ahead of the scheduled hearings on the Libra stablecoin. 

According to a recent report published on The Hill, the head of the Facebook subsidiary wrote Waters to give is a personal assurance that the company is “committed to taking the time to do this right.”

Marcus’ Missive

Marcus’ missive is the latest one in a rather lengthy exchange between the social media giant and Congress since Facebook released a white paper on the upcoming Libra cryptocurrency. 

The exchange between the two started mid-June when Waters penned a statement voicing her concerns and implored Facebook to put the currency’s development on hold. 

The representative requested Facebook for a moratorium on the crypto until regulators and Congress have had the time and chance to examine the issues regarding Libra and to come up with action. She also cited Facebook’s track record as a reason for the request. 

Lots of Questions about Libra

It’s not just Congress that has questions about Libra. Early this month, a number of advocacy groups also submitted a request to postpone Libra’s development. They also included their own questions for Facebook. 

Marcus, who’s credited as a co-creator of the currency, recently addressed these concerns in a Facebook post. He clarified that Facebook only has a limited role when it comes to the stablecoin since controlling Libra would fall under the Libra Association. Facebook is just a member of this group, which is said to number in the hundreds. 

There’s a possibility that Marcus would once again address these concerns on July 17 as he’s set to testify before the House Financial Services Committee.

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