The Libra hearing has been one of the most enticing topics as media houses from all over the world aired the live hearing before the US House Committee on Financial Services. David Marcus, the head of the Libra Association, was grilled for hours on the autonomy of the Libra network and specifically about Facebook’s role in it.
As it happened the day before, at the hearing with the Banking, Housing and Urban Affairs Committee, Facebook’s reputation is setting a bad precedent for the Libra network.
Both the Committees have expressed complete disregard for the Social Media Giant and hence, express dislike for its cryptocurrency endeavor as well. Moreover, the Financial Committee also established that Libra is not a cryptocurrency.
Libra US Senate Hearing: Panel II
The meeting today also included a second panel of speakers. It included experts from different fields like law, economics, marketing, etc. who chose to speak on the topic. The panelist included cryptocurrency enthusiast. However, even they expressed concerns around Libra.
You can download their testimony here. At the hearing, in contrast to the one with David Marcus, the panelist and the Senators agreed. Not only, they together do not trust Facebook, but also acknowledge that ‘Libra is not a cryptocurrency.’
Libra: Mutual Fund or ETF?
The testimony that the panel presented pleased the Senate as it spoke of similar concerns around Facebook’s cryptocurrency plans. While it is usually difficult to classify these new-age tokens, the board was quick to conclude this. As Mr. Gensler noted, “It is either a mutual fund or an ETF.”
Ms. Demirors went on to say that,