The United States House of Representatives Financial Services Committee heard testimony from from Facebook’s David Marcus, today July 17. Marcus, the CEO of the Calibra wallet service for the social media giant’s forthcoming Libra stablecoin, attempted to assuage regulators’ concerns regarding the project and educate lawmakers on its purpose and potential. Cointelegraph has compiled some key quotes from the hearing, which you can view here. [2:50] Rep. Maxine Waters, chair of the Financial Services Committee: “Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax... Facebook also allowed malicious Russian state actors to purchase and …

Jamie Dimon, CEO of global financial services firm JPMorgan Chase, argued that Facebook’s cryptocurrency project Libra does not pose a threat in the foreseeable future. As reported by CNBC, Dimon delivered his comments during a conference call with analysts on Tuesday, July 16. Dimon said that he would not spend too much time on Libra, specifying that “to put it in perspective, we have been talking about blockchain for seven years and very little has happened. We are going to be talking about Libra three years from now.” Dimon continued saying that any new effort will have to comply with …

Social media giant Facebook has reportedly not contacted Swiss regulators regarding the registration of its long-awaited cryptocurrency project Libra. On July 16, Hugo Wyler, a spokesman for and head of communication at the Swiss Federal Data Protection and Information Commissioner (FDPIC), told CNBC that the agency has not been contacted by the promoters of Libra. Notably, the Libra project’s head, David Marcus mentioned in his testimony that the FDPIC would be the Libra Association’s privacy regulator: “For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner will be the Libra Association’s privacy regulator.” Wyler …

Things are heating up for Libra: This week’s United States congressional hearings showed that many politicians are not convinced by the safety aspects of Facebook’s cryptocurrency project, as they grilled the social media giant on privacy- and trust-related issues. In response, Facebook keeps stressing Libra’s compliance with regulators and readiness to discuss possible frameworks. Meanwhile, a drafted bill titled “Keep Big Tech out of Finance” surfaced right before the testimonies before Congress took place. So, does the U.S. government have the power to terminate Libra — which is something Rep. Maxine Waters famously requested soon after the project’s white paper …

The International Monetary Fund (IMF) has called on global regulators to pay attention and take proper regulatory action regarding Facebook’s Libra. Speaking with Reuters on July 17, Gita Gopinath, chief economist at the IMF, urged the global regulatory community to pay serious attention to Facebook’s crypto project during the early stages of its development. Gopinath emphasized that global financial regulators should act immediately to ensure that they are not too late in taking the necessary measures. Gopinath outlined the major risks associated with the stablecoin, including concerns about data privacy, consumer protection, as well as what she called backdoor dollarization. …

David Marcus, CEO of Facebook’s crypto wallet Calibra, underlined that Facebook would not launch the Libra cryptocurrency project before they address all regulatory concerns. Marcus delivered his comments at a hearing on Libra with the Financial Services Committee of the United States House of Representatives today, July 17, as reported by a Cointelegraph correspondent. On the second day of hearings on Libra’s structure and management, Rep. Nydia Velazquez asked Marcus, “Will you commit yourself to not launch before all the concerns from the Federal Reserve and other regulators are addressed?” In response, Marcus said, “Absolutely.” Rep. David Scott followed up …

Today, lawmakers on the United States House of Representatives Financial Services Committee are meeting to discuss the possible effects of Facebook’s proposed Libra cryptocurrency project on the financial system. As a Cointelegraph respondent reports on July 17, committee chair Rep. Maxine Waters has opened the hearing with an indictment of Facebook’s past behavior. In her statement, Waters said that there was a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.” Waters also stated that Facebook, “allowed malicious Russian state actors to purchase and target ads,” which purportedly influenced the 2016 U.S. presidential elections. …

The United States’ Senate Banking Committee raised a wave of skepticism over Facebook’s crypto project Libra during the first day of testimony on July 16. The new hearing, called “Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” is scheduled for 10:00 AM ET, July 17. As day two is coming in the next few hours, Cointelegraph posts a short recap of yesterday's hearings. The first day saw Senate Banking Committee attacked David Marcus, head of Facebook’s crypto wallet Calibra, raising major concerns over Libra, including issues of trust, privacy, security and regulation. The …

Chief strategy officer at blockchain development firm Blockstream, Samson Mow, declared that he believes that Facebook should have used Bitcoin (BTC) instead of developing its own stablecoin in a series of tweets published on July 16. ‘Libra can’t be everything for everyone’ In his tweets, Mow noted that — after watching the entirety of today’s senate banking committee hearings dedicated to Libra — he came to the conclusion that “Libra is so screwed.” He explained that he had the impression that Mark Zuckerberg had no clear idea of what he is building. Mow added: “Libra can't be everything for everyone, …

Libra is a “recipe for more corporate power over markets and over consumers,” according to United States Senator Sherrod Brown, ranking member of the Senate Banking Committee. Senator Brown’s recent comments came by way of an official video tweet by political news outlet NowThis News on July 16, posted hours after the Senate Banking Committee hearing on Facebook’s Libra. Brown appeared especially concerned about Facebook gaining the ability to force people to use their money and play by their rules. He remarked: "What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could …

United States house minority leader Kevin McCarthy praised Bitcoin (BTC) while criticizing Facebook’s Libra stablecoin. McCarthy made his comments during an interview with CNBC on July 16. During the interview, McCarthy said: “I like Bitcoin. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.” He also explained that his concern over technology companies joining finance is anticompetitiveness. McCarthy believes that companies entering the space are looking to create a centralized system while tricking consumers into …

United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies. The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16. Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight Council for banks. Crapo said: “We've got to look at …