{"id":17128,"date":"2019-07-16T18:16:19","date_gmt":"2019-07-16T18:16:19","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/highlights-from-facebooks-libra-senate-hearing.html"},"modified":"2019-07-16T18:16:19","modified_gmt":"2019-07-16T18:16:19","slug":"highlights-from-facebooks-libra-senate-hearing","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/highlights-from-facebooks-libra-senate-hearing.html","title":{"rendered":"Highlights from Facebook\u2019s Libra Senate hearing"},"content":{"rendered":"<p id=\"speakable-summary\"><a href=\"javascript:void(0)\">Facebook <span class=\"crunchbase-tooltip-indicator\" \/><\/a> will only build its own <a href=\"javascript:void(0)\">Calibra cryptocurrency wallet<\/a> into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the<a href=\"javascript:void(0)\"> Senate Banking Committee today<\/a>. While some, like Senator Brown, blustered that \u201cFacebook is dangerous!,\u201d others surfaced poignant questions about Libra\u2019s risks.<\/p>\n<p>Calibra will be interoperable, so users can send money back and forth with other wallets, and Marcus committed to data portability so users can switch entirely to a competitor. But solely embedding Facebook\u2019s own wallet into its leading messaging apps could give the company a sizable advantage over banks, PayPal, Coinbase or any other potential wallet developer.<\/p>\n<p>Other highlights from the \u201cExamining Facebook\u2019s Proposed Digital Currency and Data Privacy Considerations\u201d hearing included Marcus saying:<\/p>\n<ul>\n<li>The U.S. should \u201cabsolutely\u201d lead the world in rule-making for cryptocurrencies<\/li>\n<li>The Libra Association chose to be headquartered in Switzerland \u201cnot to evade any responsibilities of oversight\u201d but since it\u2019s where international financial groups like the Bank for International Settlements, though Calibra will be regulated by the U.S. Department of the Treasury\u2019s Financial Crimes Enforcement Network<\/li>\n<li>\u201cYes,\u201d Libra will comply with all U.S. regulations and not launch until the U.S. lawmakers\u2019 concerns have been answered<\/li>\n<li>\u201cYou will not have to trust Facebook\u201d because it\u2019s only one of 28 current and potentially 100 or more Libra Association members and it won\u2019t have special privileges<\/li>\n<li>\u201cYes I would\u201d accept compensation from Facebook in the form of Libra as a show of trust in the currency<\/li>\n<li class=\"p1\">It is \u201cnot the intention at all\u201d for Calibra to sell or directly monetize user data directly, though if it offered additional financial services in partnership with other financial organizations it would ask consent to use their data specifically for those purposes<\/li>\n<li class=\"p1\">Facebook\u2019s core revenue model around Libra is that more online commerce will lead businesses to spend more on Facebook ads<\/li>\n<li>When repeatedly asked why Facebook is pushing Libra to happen, Marcus noted that blockchain technology is inevitable and if the U.S. doesn\u2019t lead in building and regulating it, the tech will come from places \u201cout of reach of our national security apparatus,\u201d raising the spectre of China<\/li>\n<\/ul>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Qo2eugwKi7\">\n<p><a href=\"javascript:void(0)\">Facebook\u2019s testimony to Congress: Libra will be regulated by Swiss<\/a><\/p>\n<\/blockquote>\n<p \/>\n<p>But Marcus also didn\u2019t clearly answer some critical questions about Libra and Calibra, and may be asked again when he testifies before the House Financial Services Committee <a href=\"javascript:void(0)\">tomorrow<\/a>.<\/p>\n<h2>Unanswered Questions<\/h2>\n<p>Chairman Crapo asked if Facebook would collect data about transactions made with Calibra that are made on Facebook, such as when users buy products from businesses they discover through Facebook. Marcus instead merely noted that Facebook would still let users pay with credit cards and other mediums as well as Calibra. That means that even though Facebook might not know how much money is in someone\u2019s Calibra wallet or their other transactions, it might know how much they paid and for what if that transaction happens over their social networks.<\/p>\n<p>Senator Tillis asked how much Facebook has invested in the formation of Libra. TechCrunch has also asked specifically how much Facebook has invested in the Libra Investment Token that will earn it a share of interest earned from the fiat currencies in the Libra Reserve. Marcus said Facebook and Calibra hadn\u2019t determined exactly how much it would invest in the project. Marcus also didn\u2019t clearly answer Senator Toomey\u2019s question of why the <a href=\"javascript:void(0)\">Libra Association <span class=\"crunchbase-tooltip-indicator\" \/><\/a> is considered a not-for-profit organization if it will pay out interest to members.<\/p>\n<p>Senator Menendez asked if the Libra Association would freeze the assets if terrorist organizations were identified. Marcus said that Calibra and other custodial wallets that actually hold users\u2019 Libra could do that, and that regulated off-ramps could block them from converting Libra into fiat. But this answer underscores that there may be no way for the Libra Association to stop transfers between terrorists\u2019 non-custodial wallets, especially if local governments where those terrorists operate don\u2019t step in.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"CrFqLvJWfC\">\n<p><a href=\"javascript:void(0)\">The real risk of Facebook\u2019s Libra coin is crooked developers<\/a><\/p>\n<\/blockquote>\n<p \/>\n<p>Perhaps the most worrying moment of the hearing was when Senator Sinema brought up TechCrunch\u2019s article citing that <a href=\"javascript:void(0)\">\u201cThe real risk of Libra is crooked developers.\u201d<\/a> There I wrote that Facebook\u2019s VP of product Kevin Weil told me that \u201cThere are no plans for the Libra Association to take a role in actively vetting [developers],\u201d which I believe leaves the door open to a crypto Cambridge Analytica situation where shady developers steal users money, not just their data.<\/p>\n<p>Senator Sinema asked if an Arizonan was scammed out of their Libra by a Pakistani developer via a Thai exchange and a Spanish wallet, would that U.S. citizen be entitled to protection to recuperate their lost funds. Marcus responded that U.S. citizens would likely use American Libra wallets that are subject to protections and that the Libra Association will work to educate users on how to avoid scams. But Sinema stressed that if Libra is designed to assist the poor who are often less educated, they could be especially vulnerable to scammers.<\/p>\n<h2>Crypto openness versus a dangerous Wild West<\/h2>\n<p>Overall, the hearing was surprisingly coherent. Many Senators showed strong base knowledge of how Libra worked and asked the right questions. Marcus was generally forthcoming, beyond the topics of how much Facebook has invested in the Libra project and what data it will glean from transactions atop its social network.<\/p>\n<p>Some of the top concerns, such as terrorist money laundering, encompass the entire cryptocurrency ecosystem and can\u2019t be solved even by strong rules around Libra. Little regard was given to how Libra could improve remittance or cut transaction fees that see corporations profit off families and small businesses.<\/p>\n<p>Still, if Libra actually becomes popular and evolves as an open ecosystem full of unvetted developers, the currency could be used to facilitate scams. Precisely because of the lack of trust in Facebook that many Senators harped on, consumers could go seeking Libra wallet alternatives to the company that might push them into the hands of evildoers. The Libra Association may need to shift the balance further toward safety and away from cryptocurrency\u2019s prevailing philosophies from openness. Otherwise, the frontiers of this Wild West could prove dangerous, even if its civilized regions are well-regulated.<\/p>\n<p><span class=\"embed-youtube embed breakout embed--video\" \/><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"djNY5QsBjT\">\n<p><a href=\"javascript:void(0)\">Facebook announces Libra cryptocurrency: All you need to know<\/a><\/p>\n<\/blockquote>\n<p \/>\n<p>Article source: http:\/\/feedproxy.google.com\/~r\/techcrunch\/social\/~3\/6_SuFZwJGTM\/<\/p>","protected":false},"excerpt":{"rendered":"<p>Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[10,7,14,15,6,12,11],"class_list":["post-17128","post","type-post","status-publish","format-standard","hentry","category-latest-update","tag-computer-news","tag-downloads","tag-microsoft-download-news","tag-networking-updates","tag-technology-update","tag-wordpress-plugin-download","tag-wordpress-theme-download"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.3 - aioseo.com -->\n\t<meta name=\"description\" content=\"Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today. 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Calibra will be interoperable, so users","og:url":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/highlights-from-facebooks-libra-senate-hearing.html","og:image":"https:\/\/i0.wp.com\/www.rbsitsoftwaresolution.in\/blog\/wp-content\/uploads\/2019\/01\/logo.png?fit=94%2C59&#038;ssl=1","og:image:secure_url":"https:\/\/i0.wp.com\/www.rbsitsoftwaresolution.in\/blog\/wp-content\/uploads\/2019\/01\/logo.png?fit=94%2C59&#038;ssl=1","article:published_time":"2019-07-16T18:16:19+00:00","article:modified_time":"2019-07-16T18:16:19+00:00","twitter:card":"summary_large_image","twitter:title":"Highlights from Facebook\u2019s Libra Senate hearing IT and Latest Technology Updates - R Software Solution","twitter:description":"Facebook will only build its own Calibra cryptocurrency wallet into Messenger and WhatsApp, and will refuse to embed competing wallets, the head of Calibra David Marcus told the Senate Banking Committee today. While some, like Senator Brown, blustered that \u201cFacebook is dangerous!,\u201d others surfaced poignant questions about Libra\u2019s risks. Calibra will be interoperable, so users","twitter:image":"https:\/\/i0.wp.com\/www.rbsitsoftwaresolution.in\/blog\/wp-content\/uploads\/2019\/01\/logo.png?fit=94%2C59&ssl=1"},"aioseo_meta_data":{"post_id":"17128","title":null,"description":null,"keywords":null,"keyphrases":null,"primary_term":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_url":null,"og_image_width":null,"og_image_height":null,"og_image_custom_url":null,"og_image_custom_fields":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_url":null,"twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"Article","isEnabled":true},"graphs":[]},"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","priority":null,"frequency":null,"local_seo":null,"breadcrumb_settings":null,"limit_modified_date":false,"ai":null,"created":"2023-07-13 23:52:22","updated":"2026-09-24 22:30:39","focus_keyword":null,"additional_keywords":null,"truseo_locale":null,"seo_analyzer_scan_date":null},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.rbsitsoftwaresolution.in\/blog\/\" title=\"Home\">Home<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\t<a href=\"https:\/\/www.rbsitsoftwaresolution.in\/blog\/category\/latest-update\" title=\"Latest Update\">Latest Update<\/a>\n\t\t<\/span><span class=\"aioseo-breadcrumb-separator\">\u00bb<\/span><span class=\"aioseo-breadcrumb\">\n\t\t\tHighlights from Facebook\u2019s Libra Senate hearing\n\t\t<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/"},{"label":"Latest Update","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/category\/latest-update"},{"label":"Highlights from Facebook\u2019s Libra Senate hearing","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/highlights-from-facebooks-libra-senate-hearing.html"}],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7WU2O-4sg","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/posts\/17128","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/comments?post=17128"}],"version-history":[{"count":0,"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/posts\/17128\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/media?parent=17128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/categories?post=17128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/wp-json\/wp\/v2\/tags?post=17128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}