Thread by @RealBankReform

Members of the @FSCDems House Financial Services Committee question @Facebook #crypto chief David Marcus about their proposed #Libra cryptocurrency. We are clipping some videos of the hearing in the thread below 👇👇👇

Rep @NydiaVelazquez

https://twitter.com/RealBankReform/status/1151519291717668864

Rep @JAHimes on #Libra looking like an ETF:

https://twitter.com/RealBankReform/status/1151522207430057984

https://twitter.com/RealBankReform/status/1151521293721903104

.@RepBeatty: "Yes or no, are you competing with banking, or not?"
@Facebook's Marcus: No
Beatty: Do you consider yourself a bank?
Marcus: No
Beatty: Are you taking people's money, letting them transfer...?
Marcus: We will be involved in payments
#Libra

.@RepBeatty: "Clearly, there's a lot of unanswered questions. What do you do with someone from my district? They think you're a bank. How do you tell us it's not banking? Where's my protection?" #Libra

Rep. @GuamCongressman: What do you project the average user balance of #Libra will be?
Marcus: IDK
"You really expect me to believe that? Visa, Mastercard, all these huge players are signing up, and you have no idea how much you expect to have in the avg user account?"

.@AOC: You said you’d be open to accepting 100% of your pay in #Libra. There’s a term for being paid in a corporate-controlled currency. Do you know what that term is?
Marcus: No
AOC: It’s called scrip.

.@RepDean: "I don't think the example you gave of the young woman trying to send $200, & you are just on a mission to help her send $ to her mother in a war-torn country really explains why you want to be in this business. It's gotta be for profit. How do you profit?" #Libra

.@RepSylviaGarcia: You’re not a charity, right? How much $ have you already invested in this project?
Marcus: Quite a bit
Garcia: You’re not going to tell me how much you invested, but you won’t tell me how you’ll recoup the investment? #Libra

Rep @RashidaTlaib: Can a member of the Libra association be voted out by Libra users?
Marcus: No, not currently.
Tlaib: Will the underbanked have to trade their data and their privacy in order to transact?
Marcus: Consumers will have choices.

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For more on Facebook #Libra's myriad problems, and an alternative to turning to #BigTech to solve our problems, check out this House briefing on Libra from Monday:

cc @demandprogress @openmarkets @realbankreform @takeonwallst

For more on Facebook #Libra's myriad problems, and an alternative to turning to #BigTech to solve our problems, check out this House briefing on Libra from Monday: cc @demandprogress @openmarkets @realbankreform @takeonwallst

To keep up with the fight for a safer and fairer economy, sign up for our email list: actionnetwork.org/forms/sign-up-…

To keep up with the fight for a safer and fairer economy, sign up for our email list: actionnetwork.org/forms/sign-up-…

To keep up with the fight for a safer and fairer economy, sign up for our email list: actionnetwork.org/forms/sign-up-…

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