Facebook’s blockchain lead David Marcus told lawmakers he would be willing to accept 100 percent of his salary in the social media giant’s proposed Libra cryptocurrency.
During a Senate Banking Committee hearing on the controversial project Tuesday, the ranking member of the panel, Sen. Sherrod Brown (D-Ohio), asked Marcus if he trusted Libra enough to put skin in the game this way.
“You really think people should trust you with their hard-earned money, I think it’s delusional,” Brown said, after enumerating Facebook’s history of privacy abuses.
For a panel about a proposed cryptocurrency, Tuesday’s Senate Banking Committee hearing was notably light on crypto talk.
Bitcoin was barely mentioned during the two-hour session and most of the lawmakers seemed far less concerned with the technology than with who was planning to leverage it: Facebook.
Sen. Brian Schatz (D-Hawaii) put it perhaps the most succinctly. Responding to Facebook executive David Marcus’ oft-repeated talking point that the Libra project was important for the U.
Facebook blockchain lead David Marcus told U.S. lawmakers that the social media giant plagued by privacy scandals won’t have access to personal financial information with its new cryptocurrency.
In a letter dated Monday to the Senate Banking Committee responding to pointed questions the lawmakers sent in May, Marcus took a diplomatic tone, acknowledging the panel’s concerns about data privacy and telling them:
“I want to give you my personal assurance that we are committed to taking the time to do this right.
In 2018, global internet giants took a stand against cryptocurrencies.