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Representative Bill Huizenga used his time at Wednesday's hearing in the House of Representatives on Facebook's cryptocurrency, Libra, to question Facebook's executive, David Marcus, and to bring out some humorous aspects.
The main issues and jokes of the Michigan Republican were centered on the definition of cryptocurrency Facebook to launch.
"Is it a security, is it a publicly traded product, what exactly is it? Is it fish or poultry?" The representative Huizenga has asked. "It seems to me that it's more a platypus."
Huizenga followed his metaphor by asking Marcus if Libra could keep the essence of a cryptocurrency if it was subject to many regulations. Marcus said that Facebook considered Libra as a digital currency with the aim of being a payment tool, and that proper regulation would be needed because it could affect so many users.
Wednesday was not the first time that the representative Huizenga was turning to the platypus, a laying mammal considered one of the quirks of the natural world, to describe the hybrid status of cryptocurrency in as a financial badet. In July 2018, Representative Huizenga gave an interview in his office in Capitol Hill during which he discussed the challenges of clbadifying digital currencies, according to Bloomberg.
"It's a bit of a stranger, or something in between, how do we manage that?" Representative Huizenga said during the interview, referring to the same device used for fish or poultry used Wednesday. Rep. Huizenga concluded, "it turns out it could be a platypus."
Read more: Facebook indicates that its cryptocurrency Libra will be regulated by the Swiss authorities – but that was news for these Swiss authorities.
Later in his testimony on Wednesday, Representative Huizenga compared Libra to old traveler's checks and then explained how they worked for the benefit of the youngest members of the audience, who became major after traveler's checks were made. become old-fashioned.
"You could be the equivalent of American Express travel checks, old days," joked representative Huizenga about Libra. "For the lower podium and the staff … they were actually made of paper and you took them with you," said Representative Huizenga, bursts of laughter in the room.
"You bought them from a bank," a representative of the representative suggested, Hu said. Huizenga, adding: "you put a fiduciary currency there".
The Wednesday House hearing was held to examine the future impact of Libra on consumers, investors and the US financial system. On Tuesday, Marcus testified at a Senate Committee on Banking, Housing and Urban Affairs hearing on Libra.
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