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Libra Hearings DAY 2 - House Financial Services Committee pscp.tv/w/b_8pMTE0Nzc1…
McHenry asking the most precise and real questions so far - getting to the heart of the difference between permissioned and permissionless systems and the tension between inherently decentralized cryptocurrencies and the desire for KYC/AML
TWO DAYS IN and the first mention of Alipay/Wepay
"If you're trying to be a competitor to Alipay and Wepay, why are you setting it up in Switzerland and why are you using a Basket of currencies, rather than basing it right here in the good ol US of A?"
"If you're trying to be a competitor to Alipay and Wepay, why are you setting it up in Switzerland and why are you using a Basket of currencies, rather than basing it right here in the good ol US of A?"
Maloney wants a commitment on the spot:
Less than 1 million people
Overseen by the Federal Reserve and SEC
Less than 1 million people
Overseen by the Federal Reserve and SEC
Maloney again "Personally, I don't think you should launch Libra at all. This is a core function of democratically elected governments."
Maloney just revealed why these hearings are ultimately sort of useless "I GET TO ASK THE QUESTIONS IN THIS ROOM."
Very, very helpful.
Very, very helpful.
Wagner, right out the gate - (paraphrasing) "Are you taking steps to unsure that the dollar doesn't lose its global reserve status"
Gotta say, this session is much more revealing already than yesterday's
We've got into Satoshi, Alipay/Wepay, Government monopoly on money printing, and now Sanctions
We've got into Satoshi, Alipay/Wepay, Government monopoly on money printing, and now Sanctions
French Hill
-the government currencies of 48% of the world experience inflation of 10% or more.
Will Libra be better for them?
-the government currencies of 48% of the world experience inflation of 10% or more.
Will Libra be better for them?
Meeks:
[Paraphrasing] The people who have triggered financial crises, here and around the world didn't set out to do it, but they did it. They also all based their models in innovation, access, etc. The people at the bottom of the ladder paid the price.
[Paraphrasing] The people who have triggered financial crises, here and around the world didn't set out to do it, but they did it. They also all based their models in innovation, access, etc. The people at the bottom of the ladder paid the price.
Luetkemeyer asks about the Reserve: who puts in the assets, who owns the assets, who gets interest from those assets
Return pays for 2 things: 1) paying for association and association network operations; 2) pay back investments for original backers
Return pays for 2 things: 1) paying for association and association network operations; 2) pay back investments for original backers
Oh shit, Congressman Huizenga just said "it seems to me you're using a fiat currency to create a fiat currency"
Huizenga again: "Are you able to maintain the core qualities of a cryptoasset under all this regulation?"
"Do you want to see all cryptoassets under this regulatory regime?"
"Do you want to see all cryptoassets under this regulatory regime?"
CO's Perlmutter is asking really basic questions about how it actually works. While they seem a little low level, TBH they're probably more informative to most folks in this room than all the other haranguing to give commitments.
Current stream
