Facebook experienced a very gruesome and disappointing Senate session with lawmakers today after a 2-hour grilling between David Marcus, Libra’s CEO and a group of Senators about Facebook’s proposed cryptocurrency project.
The Dirty Past Of Facebook Came Back Around
Lawmakers made a grand entry into the “sea of questions” already awaiting Libra’s implementation and expressed concerns about the project’s feasibility. Much was not to be said about the possibility of a big tech company like Facebook creating a cryptocurrency, however, questions arose from Facebook’s capabilities to handle issues of user data and privacy.
Facebook’s standing history of privacy disruption and data misappropriation were used to nail the project to the cross of humiliation as David had to endure embarrassing sessions of questions which made a complete fool of both him and Facebook.
Senators Took Total Control
Senators were the ones to ride the turbulence. Questioning Libra’s mission in a variety of aspects including data and privacy policies, funds management, Tax evasion, and money laundering prevention, organizational leadership, and the simple fact of whether Facebook was still maintaining its stance as a company or if Facebook was becoming a country!
Simply put, Libra would have failed if today’s hearing was to be used to conclude about its future and implementation.
We Cannot Trust You- Lawmakers
Lawmakers, including Republican John Kennedy, showed concerns about the Association banning individuals who hold certain political views, while N.J. Sen. Bob Menendez showed up to the hearing with a list of reasons why Facebook shouldn’t be trusted.
However, Marcus was brief in his remarks responding to allegations of Facebook’s privacy scandals and ties to Russian interference into the 2016 election, noting only that the firm had made mistakes in the past but has since invested in a number of programs to fix those problems.
“It’s pretty hard to trust you with a worldwide currency that you are setting up in Switzerland,” retorted Senator Brown. “You’re the only one with 2 billion people.”
Incomplete Work Expressed In Libra
Pointing at the fact that Libra proposed a corporation big enough to facilitate coalition between the various parties involved in the arrangements, Senator Tina Smith said,
“It seems possible in any board, in any group of humans, people develop coalitions,” said Sen. Tina Smith. “It seems to me there’s a big question on how every voice is going to be heard in this incredibly powerful association headquartered in Switzerland. Is this going to be like a corporate board? How will you handle conflicts of interest?”
In response to this, David Marcus stipulated that Libra’s whitepaper was made public early enough for this very reason. To gather some useful feedback as there are still much to be put in place before the launch date.