Tech

Watch Facebook's crypto chief testify before the Senate banking committee on Libra

Key Points
  • The head of Facebook's cryptocurrency subsidiary David Marcus testifies before the Senate Committee on Banking, Housing and Urban Affairs Tuesday.
  • Facebook announced plans for a new digital currency called Libra. It's working in collaboration with several other founding companies.
  • The project drew scrutiny from policymakers shortly after its announcement.

David Marcus, who heads Facebook's cryptocurrency subsidiary Calibra, is testifying in front of the Senate Committee on Banking, Housing and Urban Affairs on Tuesday.

Facebook announced its plans for the new digital currency Libra last month with the goal of making global financial transactions easy and free. The company tried to assuage concerns about its handling of consumer data by creating a nonprofit association with a group of founding companies that would manage the currency.

But the plan still quickly drew scrutiny from policymakers around the world. Following the announcement, Federal Reserve Chairman Jerome Powell said, "Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability."

Watch the Senate committee's hearing with Marcus on this page beginning at 10 a.m. Eastern.

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