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Libra Hearings DAY 2 - House Financial Services Committee pscp.tv/w/b_9CWDE0Nzc1…
Beatty asks "How are you going to help the unbanked when you say you're not going to be a bank?"
A lot of the "are you a bank questions" feels like Facebook answering on some specific technicality and regulators saying "yo that still sounds like a bank to me"
Beatty also asks "if you buy Spotify, does that give you more than the one Facebook vote?"
Williams is like "What the hell...we've gotta deal with debt ceilings, flood insurance for hurricane season, why are we talking about friggin Facebook?"
The sweetest words a Congress person can say today is "I yield the remainder of my time."
San Nicolas calls BS that FB hasn't done projections on average Libra user balances. Says F500s wouldn't sign up without knowing.
May be right that they have projections, but Fortune 500s sign up for shit they don't understand because of FOMO literally ALL THE TIME.
May be right that they have projections, but Fortune 500s sign up for shit they don't understand because of FOMO literally ALL THE TIME.
Okay but San Nicolas' last argument is really important to understand what's going on. He basically said that NOW is Congress' chance to stop Libra. Once it has 100s of millions of users across political districts, it becomes nearly impossible.
Blipped - current stream
