Facebook's Libra Project Manager Responds to Senate Banking Committee

Facebook's David Marcus on Tuesday answered questions from the US Senate Banking Committee, saying the company needed the governments, central banks and regulators involved to properly launch its Libra cryptocurrency.

"We understand that big ideas take time, that policy makers and others raise important questions and that we can not do it alone," Marcus said in a letter to the chairman of the committee. Senate banks, Mike Crapo (R-ID), and Senator Sherrod Brown (D-OH), a senior member of the committee. "We want and need governments, central banks, regulators, non-profit organizations and other stakeholders to be at the table and value all the feedback we have received."

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

"I want to give you my personal assurance that we are determined to take the time to do it right," wrote Marcus in his letter.

US lawmakers have reported their concerns to Libra since Facebook's announcement of cryptocurrency in June. On July 2, the Chair of the House Financial Services Committee, Maxine Waters (D-Calif.), Asked Facebook to suspend the implementation of Libra and Calibra.

"Given that Facebook is already in the hands of more than a quarter of the world's population, it is imperative that Facebook and its partners immediately put an end to their implementation plans until regulators and Congress have the opportunity to consider these issues and to act, "said the House Committee of Representatives in a statement.

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