‘I don’t think you should launch Libra at all,’ Congresswoman tells Facebook

Rep. Carolyn Maloney...

Photo By Bill Clark/CQ Roll Call

On Wednesday, Facebook cryptocurrency chief David Marcus faced Congress for a second round of questioning, this time from the House Financial Services committee. As in Tuesday’s Senate hearing, Marcus faced deep concerns over Facebook’s previous privacy issues, but there was also new skepticism over the nature of the Libra project itself.

“I don’t think you should launch Libra at all,” Rep. Deborah Maloney (D-NY) told Marcus in one exchange, “because the creation of a new currency is a core government function and should be left to democratically accountable institutions, that are accountable to the American people. But at the very least, you should agree to do this small pilot program first, fully overseen by the Federal Reserve and the…

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