“Libra Will Cooperate”, David Marcus Guaranteed with Congress

By Tracy Hannes | July 10, 2019

David Marcus – one of Facebook’ leaders that is in charge of project Calibra – has composed a letter for chairwoman Maxine Waters, and other officials of the House Financial Services Committee.

Reported by the Hill on July 9th, the letter was to prepare for the upcoming hearing session, regarding Facebook’s Libra project.

“I want to give you my personal assurance that we are committed to taking the time to do this right.” Marcus stated in the letter.

According to his professional LinkedIn page, aside from being responsible for the Calibra wallet at Facebook, Marcus also co-created Libra.

The letter from Marcus is the newest update in the back-and-forth between Congress and Facebook, started since the social media giant published a white paper document for its Libra project. The rally dated back to the middle of last month, when Waters issued a statement, revealing her concerns, and requested Facebook to halt any work regarding Libra.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

Waters and the House of Representatives Committee on Financial Services also asked Facebook, and whichever corporations involved, to agree on an official moratorium on Libra development.

Marcus has responded to the concerns, via a Facebook post, stating that Facebook will not play a big role in controlling the Libra stablecoin, as there are more than 100 other establishments which currently are members of the Libra Association.

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