Facebook’s head of Libra project responds to Senate Banking Committee

Facebook’s David Marcus on Tuesday responded to questions from the U.S. Senate Banking Committee, saying the company needs governments, central banks and regulators involved to properly launch its Libra cryptocurrency.

“We understand that big ideas take time, that policymakers and others are raising important questions, and that we can’t do this alone,” Marcus said in a letter to Senate Banking Committee Chairman Mike Crapo (R-ID) and Sen. Sherrod Brown (D-OH), the committee’s ranking member. “We want, and need, governments, central banks, regulators, non-profits, and other stakeholders at the table and value all of the feedback we have received.”

Marcus is the head of Facebook’s Calibra digital wallet that will be used to store Libra. He is set to testify before the committee on July 16. The House Financial Services Committee will hold its own hearing focused on Libra on July 17.

“I want to give you my personal assurance that we are committed to taking the time to do this right,” Marcus wrote in his letter.

U.S. lawmakers have spoken out about their concerns with Libra since Facebook’s announcement of the cryptocurrency in June. On July 2, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) called on Facebook to halt the implementation of Libra and Calibra.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the House committee said in a statement.

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