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Facebook’s David Marcus testifies before the Senate on Libra

Facebook's David Marcus testifies before the Senate on Libra

SOCIAL MEDIA NEWS

Facebook’s David Marcus testifies before the Senate on Libra

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David Marcus, who heads Facebook’s cryptocurrency subsidiary Calibra, is testifying in front of the Senate Committee on Banking, Housing and Urban Affairs on Tuesday.

Facebook announced its plans for the new digital currency Libra last month with the goal of making global financial transactions easy and free. The company tried to assuage concerns about its handling of consumer data by creating a nonprofit association with a group of founding companies that would manage the currency.

But the plan still quickly drew scrutiny from policymakers around the world. Following the announcement, Federal Reserve Chairman Jerome Powell said, “Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability.”

Watch the Senate committee’s hearing with Marcus on this page beginning at 10 a.m. Eastern.

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