Thread by @nlw

Libra Hearings DAY 2 - House Financial Services Committee pscp.tv/w/b_9FazE0Nzc1…

Trying not to be too subjective in my analysis of different members, but so far Pressley has had literally nothing to add. I think she tried to just do a "Gotcha" with the Calibra press release?

"Does it require a bank account"?

"No"

"If you are trying to offer the unbanked a solution but it requires a bank account, do you even understand?"

"..uhhhhhhhh"

YES DAVIDSON YES!!!

Says that people are leaving the US to build crypto projects, not to avoid US regulations but because US regulatory regime IS NOT CLEAR!

Budd:

"We must differentiate Libra from other tokens like Bitcoin."

Brings up again the issue of political neutrality - one of those rare things that is at once:

A) sort of a concocted issue for scoring political points
B) but also actually really important in this context

AOC time.....

TBH I can't believe how few people have asked about who gets to choose the Libra Association members. This seems like one of the areas that is most open for compromise for them

Adams asks "How much has Facebook invested in this"

Another one that I can't believe it's taken this long to ask.

More on governance - this time from Gonzalez. Pointing out that to date all of the companies have been recruited by Facebook.

"Claim has been that Facebook will not have undue influence..we're all polticians here: if we could hand select our voters, we'd feel pretty good."

Gonzalez asks "why exclude users from governance?"

Gonzalez: "Can a Chinese state owned organization get in to the Association membership?

Big one.

Gonzalez: "if you were fully decentralized, it seems to me you wouldn't need the Libra Association?"

Gonzalez follows "I don't think it will happen. I think what's most likely is a 100 member organization that you guys control. Frankly that's what scares me most."

Hey @RussellOkung I think your NFL colleague @RepAGonzalez just had the strongest line of questioning yet today!