Beijing time today (July 16) at 22:00, the US Senate Banking Committee and the House Financial Services Committee held a hearing on the Facebook Libra project. The hearing was from David A. Marcus, the head of the Facebook Calibra team. Some Members asked how Libra can prevent anti-money laundering and counter-terrorism financing. David Marcus said that instead of cash, digital cash is used. Users need KYC to open an account in order to use Libra's services. Members continue to ask, is the Libra Association responsible for these? According to David Marcus, it is a wallet and other related parties that are subject to the jurisdiction of the relevant jurisdiction. Some Members asked, how much is Facebook going to invest in this project? David Marcus said: We are not sure.