Facebook Won’t Say Whether Banned Individuals Can Use Libra Despite Claiming To Be ‘Politically Neutral’ 

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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.’ 


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. 


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:

[youtube https://www.youtube.com/watch?v=h4aPp3wGufY]https://platform.twitter.com/widgets.js

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