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AFTERNOON SESSION - Libra Hearings Day 2 - House Financial Services Committee pscp.tv/w/b_9TyzE0Nzc1…
Hollingsworth going really hard to make it clear that there is a structural and architectural difference between Libra and a truly peer-to-peer permissionless system, and that this creates an opportunity for better AML.
DAMN Garcia
"Facebook's voice in the Association is more like the Godfather's voice in the family. Sure it's just one.."
"Facebook's voice in the Association is more like the Godfather's voice in the family. Sure it's just one.."
"Are they participating because they're AFRAID of Facebook?"
Congressman Riggleman asking about the programming language and talking about reviewing GitHub repos.
One of the common themes today is more skepticism of the actual mechanics of helping the unbanked. Congresswoman Phillips bringing up the high cost of phones and plans as a barrier.
Excuse me - Congresswoman Garcia - again asking how much FB has spent on this.
The short of it is this question: "What's in it for Facebook? Where are the economic incentives?"
The short of it is this question: "What's in it for Facebook? Where are the economic incentives?"
Rose is another one talking about why the US needs REGULATORY CERTAINTY.
Saying that these hearings indicate just how clearly the US needs more regulatory certainty.
Music to my damn ears.
Saying that these hearings indicate just how clearly the US needs more regulatory certainty.
Music to my damn ears.
Rose:
"We need to help the SEC provide regulatory clarity"
PREACH
"We need to help the SEC provide regulatory clarity"
PREACH
Tlaib - Bringing up for the first time the dense connections from a board member perspective between the organizations involved.
Basically, she's saying this calls into question the diversity of the Libra Association - or, as she called it - "The Group of Friends"
Basically, she's saying this calls into question the diversity of the Libra Association - or, as she called it - "The Group of Friends"
Damn if this isn't going to turn into the largest, biggest, most intense crypto governance conversation
Steil points out that current securities regulation process limits access after Marcus says that if it were designated a security, people couldn't actually use it.
Emmer
"I'm glad that after 10 years, Congress has decided to pay attention to the technology that could, like the internet, upend society"
"I'm glad that after 10 years, Congress has decided to pay attention to the technology that could, like the internet, upend society"
Woooooooooooooooooooooow
Did Emmer basically just say "cryptocurrency is incredibly important, and Facebook is going to fuck it up for everyone"?
Did Emmer basically just say "cryptocurrency is incredibly important, and Facebook is going to fuck it up for everyone"?
OH man, Emmer pulls no punches on his feelings on the Ban Big Tech From Banking Bill -- "has no basis in the constitution, or even in logic"
Green "It's not whether you want to compete with the Dollar; it's what impact you will HAVE on the dollar." <--Important distinction
Guys one big takeaway: I vote Congress for Senate!
Porter went deep on the Wildcat bank analogy, but DID bring up the important question of WHO will be responsible for ensuring that the reserve is actually and remains 1 for 1
