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[inaudible conversations] the hearing will come to order. Today we will receive testimony from david marcus head of libra at facebook. On may 9 senator brown and i sent a letter shortly after it was reported that company was recruiting Financial Institutions and online merchants to launch a cryptocurrency based Payment System using a social network. We asked space bar for more information how the system would work, access and use of Consumer Financial information and facebooks access to use of information on individuals or group of individuals for credit or insurance or housing i appreciate fa...

The hearing will come to order. Last congress this Committee Held two hearings examining the currency ecosystem. Those hearings we heard about some of the developments that have occurred and tha and and tr ijokerin the marketplace since e creation in 2008. The potential benefits of the Digital Currencies and the concerns about the value of stability, quality and illicit uses market manipulation and privacy. Since then facebook announced its intentions to launch the system into Digital Currency that will be governed by the association comprised of up to 100 financial and nonfinancial members in...

Host if you could, in a general sense before we get specific, share with us your philosophical thought at this time about that. Guest i would say two things. First, we need wellcrafted regulation. Regulation that protects peoples privacy online and make sure that we have robust competition but that does not impede or innovation or competitive advantage over europe or other nations. I do believe there is a possibility to get that wellcrafted regulation but candidly, congress as an extraordinary knowledge gap and people here frankly do not understand Technology Well enough so we need to educate ...

[gavel] this meeting will come to order. Will come to order. Today we will receive testimony from david marcus head of libra at facebook. On may 9 senator brown and i sent a letter shortly after it was reported that company was recruiting Financial Institutions and online merchants to launch a cryptocurrency based Payment System using a social network. We asked space bar for more information how the system would work, access and use of Consumer Financial information and facebooks access to use of information on individuals or group of individuals for credit or insurance or housing i appreciate...

Discussion on slave refugee camps during the war. Watch American History tv tonight at 8 00 p. M. Eastern on cspan 3. This past june, facebook announced plans for its own crypto currency called libra. The cocreator of Libra David Marcus answered lawmakers concerned over the Digital Currency before the Senate Banking committee. This is about 2 1 2 hours. This hearing will come to order. Today we will receive testimony from david marcus, head of libra at facebook. On may 9, senator brown and i sent a letter to facebook shortly after it was reported that the company was recruiting Financial Insti...