Facebook’s second day of Congressional hearings over Libra was by most accounts a total debacle – between Rep. Carolyn Maloney (D-CA) suggesting that the social media giant ‘shouldn’t launch’ the cryptocurrency – as new currencies should be ‘left to democratically accountable institutions,’ and another lawmaker accusing the company of ‘winging it.’
“Would you trust your money with a company that is just winging it?” She isn’t buying what they are selling either. pic.twitter.com/zD3tG6zGTZ
— Mister AntiBully (@MisterAntiBully) July 17, 2019
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Perhaps the most significant revelation, however, was Facebook executive and Libra head David Marcus giving a disturbing answer over whether individuals banned from Facebook will be allowed to use the digital currency, while also claiming that the Libra Association will remain politically neutral.
Interesting question
Duffy: “Can Milo Yiannopoulos use Libra? Can Louis Farrakhan? Both of those people are banned from Facebook.”
Marcus: “I don’t know yet.”— Blake Montgomery 💀 (@blakersdozen) July 17, 2019
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⚠️WATCH: FACEBOOK REP **CONTRADICTS** THEMSELVES on political neutrality, when asked about the Libra Association’s ability to EXCLUDE people based on social/political views.
Can they or can’t they? The answer is unclear. pic.twitter.com/4eNGZGDjlL
— NewsChute (@NewsChute) July 17, 2019
Facebook also took flack for being, well, Facebook.
“Just because we may not fully understand a new technology proposal does not mean we should immediately call for its prohibition,” said Rep. Patrick McHenry of North Carolina – the Committee’s ranking Republican. “But let’s face it, let’s be honest, it’s Facebook, and I’m skeptical.”
Meanwhile, House Financial Services Committee Chair Maxine Waters (D-CA) has already unveiled draft legislation which would block Facebook from creating Libra, and has compared the company to ‘scandal-plagued’ Wells Fargo, per the Washington Post.
Marcus attempted to defend Facebook, telling the lawmakers “I believe we’re owning these mistakes and working hard in remedying them and working hard at improving on all fronts.”
It doesn’t appear anyone’s buying what Facebook is selling.
Watch what’s left of the hearing below:
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