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 corporate wants governments, central banks and regulators concerned to correctly 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 stated in a letter to Senate Banking Committee Chairman Mike Crapo (R-ID) and Sen. Sherrod Brown (D-OH), the committee’s rating 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 pockets that can be used to retailer Libra. He is about to testify earlier than the committee on July 16. The House Financial Services Committee will maintain its personal listening to targeted 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 issues with Libra since Facebook’s announcement of the cryptocurrency in June. On July 2, House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) known as 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 stated in an announcement.

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