[Analysis] Congressional testimony reveals some faults in Facebook’s digital currency plans

David Marcus' recent hearing before the Senate Banking Committee and House Financial Services Committee raised several holes in Libra, according to TechCrunch. While Marcus tried to sit in the ambiguity of Libra vs. Calibra, lawmakers took issue with Facebook's history. Rep. Alexandria Ocasio-Cortez (NY-D) argued Facebook leveraged the Libra Associations governance model, setting up a dangerous precedent. Unintended but real consequences of Libra include sovereign currency destabilization, said Rep. Maxine Waters (CA-D). Defining the digital currency as an exchange-traded fund and the implications of KYC or platforming were also raised too little response.

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