Broadband be a polluted night sky . We will take a look at an emerging debris problem. To our top story, facebook plans to create its own crypto muchncy, libra not getting love from u. S. Lawmakers, in fact, getting skewered. You can now add fed chair Jerome Powell to that list. Take a listen to what he told the Financial Committee earlier. While the project libra raises many serious concerns regarding privacy, Money Laundering, Consumer Protection and financial stability. These are concerns that should be thoroughly and publicly addressed. Facebook has a couple billion plus users. You are looking at the possibility of a very broad adoption and if there were problems, they are associated with Money Laundering, tariffs financing, any of the things we were focused on including the company, they would arise to systemically important levels because of the size of the facebook network. I think it cannot go forward without there being brought broad satisfaction with the way the company has addressed Money Laundering and all of those things. The number of concerns that i listed at the beginning, data protection, consumer privacy, all of those things will mean to be addressed very thoroughly and carefully. In a deliberate process that will not be a sprint to implementation. Emily i want to bring in Joe Weisenthal and max to discuss this. It seems like every other lawmaker had a question about libra. We heard what jay powell said. Why the skepticism . Think the skepticism gets to the general skepticism about crypto. You heard jay powells content on that, was the fact that facebook has so much power. That is something we have all been reckoning with over the last couple of years were they have a huge user base. They are able to push people into new products. You could imagine if they aggressively try to push people into the cryptocurrency, it could create issues. , powell was talking about libra posing a real threat to the Global Financial system. At the scale of sais facebooks size, any problems would be magnified. Is he right to be concerned . Joe listening to chairman powell, i was really struck by what i think is clear this is something that is on his mind a lot. As you mentioned a lot of the , lawmakers were asking him about it. I think in the past when it comes to cryptocurrency or blockchain or other endeavors like this, you got the impression that they are like, this is something we are watching. This is more than that. These are serious concerns. On the part of the fed to understand what they are doing and seeing if it passes muster. There are reasons for them to be legitimately concerned. Beyond the sort of systemic nature of it. It does raise questions of if this is going to be a more efficient way to transfer money from person a to prison b anywhere around the world, how can you do that and also remain consistent with banking and payment regulations in all of these countries . I think there are legitimate reasons to want to take a go slow approach to make sure this isnt a regulatory arbitrage to get around the existing rules of payments. Emily even though jay powell and the fed are taking their time examining facebooks plans, and cryptocurrency in general, it seems like not all lawmakers understood what they were talking about. Exactly what they were asking about. This was an exchange between a between congressman david scott and the fed chair. This libra business is disturbing. I think we all know libra is the london interbank offered rate. Very critical. It is apparent that libra is going to leave us or being removed. The potential ramifications of librasof libra, as scheduled end nears. I think there are 300 trillion less and contracts referenced in five different currencies. Emily while it looks like the congressman scott laughing, getting libra and libor confuse. Can we expect that lawmakers understand what they are supposed to be regulating here . Max it reminds me of Mark Zuckerbergs testimony where we had silly or out of left field questions. Know, facebook will try to use that and say washington, d. C. Doesnt know what they are doing. Other than the fact that people are confused by this stuff, and it does affect potentially billions of people, suggests that we all should be educating ourselves more closely. Emily i have to know your reaction to that moment was. Joe it was a funny question. The question about libor was interesting. I have a lot of sympathy for the politicians especially on this topic. Peoplebout it, how many have your i interviewed who are in tech, or describe themselves in blockchain or crypto or bitcoin and cannot articulate what makes the technology particular . It should be worrisome and i think it is a case for slowing down. If these Tech Companies think they are going to reinvent the Financial System while lawmakers are struggling to wrap their head around it, these kinds of exchanges say slowdown. Emily joe, speaking of regulating, who actually does have the authority to regulate cryptocurrency and to regulate what facebook is trying to do here and watch this thing in the next year . Is it the fed . Not just u. S. Regulators will be concerned. Joe there is some real morass in terms of crypto regulation in the u. S. The fed will have a role in this because libra will interface with the banking system. Unlike other cryptocurrencies, there will be beyond money or low regulation bonds held to back libra. There is no doubt that the fed will have a role. To your point, if it is going to be a global currency, they will have to at some level deal with regulators in every country in which they want to operate which is why i think part of the appeal may be regulatory arbitrage. If they were just going to set up banks and all these countries it would be a major headache. You have to wonder if the crypto probe is a shorter way around that. If so, its a good reason for people to be concerned. Emily whats interesting is that jay powell talked about how the fed and fed representatives met with facebook before this announcement happened. Now that facebook has unveiled the plans and the reaction has been what it is, you wonder did facebook miscalculate what the reaction would be . They have been in the middle of a firestorm, max, since 2016. A huge public firestorm. Now they are putting a target on their backs. Max its an excellent question, which is, did they think that this would distract us from the other conversation about whether facebook is having an improper role in elections . I think it is a very interesting and maybe bold Public Relations move in the sense that you expect facebook to go into a cave and spend a lot of time saying we dont have that much power, dont worry about us. Instead, they have gone completely in the other direction. People were worried about this Imperial Company that was acting like a country, and here it is saying, we want to have a bank and a de facto currency of the world, which is very bold, and maybe they dont expect it to entirely work but on the other we are not talking about facebook and the disinformation. We are talking about very ambitious ideas that is something that Mark Zuckerberg is happy about. Emily certainly a different narrative the not always in facebooks favor. Thank you both. We will continue talking about this. Sticking with facebook, it bloomberg spoke with a congressman of ohio to hear with why they are working on bipartisan regulation for regulating digital currencies. The act is something we started working on it is a nonpartisan bill that provides regulatory clarity. It went over well with some of my dinner crowd quex at theyve found a republican that is for regulating something. The reality is the companies that are leaving the u. S. Arent leaving to avoid regulations, we are leaving to find legislative certainty. Is a big part of why facebook is launching libra in switzerland. This is about the certainty. The key is we have heard from a lot of businesses saying im going to other countries because we dont know who our regulator , regulator is, we dont know how it will happen down the road. It is very hard to make a business decision if you have no regulatory certainty. They are saying can you please tell us the rules of the road . Who do we actually have to get our direction from so we understand the framework for how we operate . That is what this comes from. It is a great bipartisan effort. This is about making sure that american businesses can be successful here so we can have growth here in this sector. We have always done incredibly well in the tech sector. Theres no reason why we are not now. One of the other big things is that if Congress Fails to act, the reality is, the best way to protect consumers is to close the information gap. Sponsors love big gaps in information. Its an is symmetry it is an asymmetry. They understand it, people get that it is hot and consumers are often the victims of fraud. We need legislative certainty to protect consumers and the investment in the United States. Frankly even the innovators. It is something that, with we libraaunching with launching this is work we have , been doing for close to two years now. Hopefully this will push the momentum to get the certainty that the market needs. What specifically with the bill do for a company like a facebook that is launching libra . What we go through besides making clear definitions of what counts in this space and what who do you have to work with here . The ftc, making clear these are places that will have oversight responsibility and help develop the rules of the road. I am sort of a person who believes that we should get rid of unnecessary regulation. There is no reason to have out of date regulation on the books and there is a lot of it. Theres a lot of a going back. You have old rules that dont make sense for the new world and that is what we are all focused on. How do we make sure we have a new framework where people can operate and keep the jobs and growth here . We have led the world in the apps economy in the United States. My fear is that other companies are saying since we dont know what the rules of the road are here, we are going to go elsewhere where we have the certainty and we are losing jobs, losing investment and businesses. We both agreed that we cant afford to have that. It sounds like its on the market perspective, there is a bit of a regulatory turf war in terms of the tech sector and private sector. This bill would help alleviate it. Absolutely. The sec has issued pieces that are guidance but not rules and not binding. Investors and companies that are launching startups dont have certainty that even something that is not initially deemed a security, will not eventually be deemed security. They are putting this out there to tell every company come check with us. You cant have company by company come check with you and then somebody change and you get a different thing. You dont need a patchwork of legal decisions. You need to know if youd meet this criteria you are not a security. You might be a commodity or good or service. And tokens can represent all those things. Congressman Warren Davidson of ohio and jeff of new jersey with our own kevin. Coming up, our exclusive interview with the atlassian ceo. He disrupts he discusses how the company has disrupted the deal. This is bloomberg. Emily pot media tech and business mogul meeting of the minds of the conference. Bloombergs at hammen is standing by with the ceo of a company that has become an acquisition machine. Take it away. With my canon works, coceo of atlassian. What are your impressions of this conference so far . Mike it is pretty amazing. Its like Walking Around inside the Business Books operating as a kid in university. It is a starstruck atmosphere. I have to remember that we have a real place here and we are to trying to do some reward. Is the most interesting person you have spoken to mike i cannot really drop names, but i have been tempted to ask for my first or second selfie ever. Guys put out something that caused a lot of stir. The m a process was called inefficient, etc. How did that go down with your bankers . Mike nobody disagreed with our statements about the m a process. They might have disagreed with our way of attempting to improve it or sollve it. It has probably been the legal firms that like it less than the bankers. Ed you put out the timesheet that it is free to use. There has not been any uptick that you know so far . Mike not as far as we know so far. We have done 20 plus deals and we are experienced at doing this. We have put down a set of terms that we think are very reasonable and fair on both sides. And if anything a little bit buyer unfriendly. Prospect friendly. Which is the way we think they should land. The problem with the process is, you end up almost hating each other by the end of this bludgeoning lawyers back and forth. Then you have to Work Together and it is a negative environment created. We followed a shortcut. Its similar to earlystage financing. Anvertible notes, series notes around the world. People have tried to make that process easier. If you start using the standard doc people would know ed lets talk about that. Different. You have to get that stamp of approval. In 2010 you do not need the money, but you needed it for a thumbsup. Should this same thing happen vcs givehere the Companies Less power . Mike it is confusing from a vc perspective. They are china maximize the speed with which they get their money, and how much money they give. They are not necessarily incentivized at that point to be entrepreneur friendly until the end of their journey with the company. I think they should see it as these entrepreneurs have built something great continuing the process on and having a good having it find a good home. People are going to pay with are what they are going to pay. I think they should look upon it favorably. It makes the world easier and more frictionless. Ed youre are one of the biggest Tech Companies that are not only not based there, but you are the coceo. Mike we are part of a bigger trend. Ify from shop canada and sweden. There are number of Companies Growing up outside the valley. We benefit from having one foot inside the valley and one foot outside. The valley is amazing with its creativity and change the world vision, which is great. But it does have this smoke and mirrors world. Having a foot outside gives us a practical customer outlook. Sydney is a big city. It has real customers. We have a big office in amsterdam and same in europe. In the having both organization has been a strength for us. Ed you said you dont have a salesforce product and it comes word of mouth and organically. Being besides that you are, would it not make sense to add a salesforce . Salesforce. Have a it is bigger now than it has ever been. It is smaller than companies of our equivalent size. Our goal is to make our self process efficient and effective for our customers at every point in their journey. We do have a salesforce for growing larger customers but not for acquisition. Customer acquisition remains very low and competitive. We see that in our economics. Ed emily, back to you in san francisco. Emily looking forward to more from you from sun valley. Coming up, uber is betting big on driverless cars. Wonte ceo says robots completely replace humans. He will tell as his view on the future of autonomous driving next. This is bloomberg. Emily just ahead of going public in may, uber announced it was spinning off its self driving car unit. Atg into its own corporate entity. This after receiving a 1 billion investment from toyota and a japanese autoparts maker. That was in a deal that valued the unit at 7. 2 billion. How long will it be until uber is completely autonomous . With uberst down ceo to discuss. No drivers. Be 15 pluswill years. I think it will take a long time. There is this drama around robots replacing humans. I think the reality of life is that the better thing is robots and humans working together. Robots are very welldesigned for replacing repetitive printable behaviors. Most of driving is neither repetitive nor predictable. There is a subset that is. What you will see with our driverless program is that we will be incredibly careful and make sure that safety absolutely comes first. We are building our driverless program working with third parties within the context of a network where for example in washington, d. C. , what are the 1 easiest trips in washington . The easiest trip in washington, d. C. May be avoid a roundabout or stay away from the airports. Stay on areas that are very well mapped. There are a set of maps that are incredibly easy to drive. We will get the machines to do simple stuff, and then we will have the humans do to discipline stuff and then that you will coexist for a long time versus the drama that the press reports. You expect to have some driverless or Autonomous Vehicles in a year or two . Within the next five years. Dara within the next five years. There will be some driverless vehicles out in the market and i think it will be in a limited way. You spun off your driverless company for a separate company. Why did you do that . Dara we created a separate company where we were able to bring in some investors are. And some partners. Know, we have a terrific partnership with toyota. Another toyota company. It is very sean at manufacturing kits and sensors and other parts of the car. A really bring in what is about building these autonomous for very largele numbers. Then we also brought in softbank as a financial partner. Emily bloombergs david dara. Tein with ubers ceo you can catch the full conversation tonight and tomorrow. Coming up, facebook has ambitious plans to improve diversity but are they realistic . Facebooks global chief officer tells us how the company is planning to boost the numbers, next. This is bloomberg. Set bigacebook has goals to boost work firstever city in its annual diversey report. The Company Announced plans to double the number of people employees globally over the next five years, as well as the number of black and hispanic employees in the United States. The company says it wants half of its u. S. Work force to be from underrepresented groups by 2024. I sat down with facebooks global chief diversity officer, maxine williams, and asked why they are setting the