Libra Hearing Opinion: The blockchain is real and should not be blocked because it is not understood.

At the second Libra hearing from the evening of July 17th to the early morning of the 18th, the speech of US Congressman Patrick McHenry and Chairman of the House Financial Services Committee Maxine Waters became the whole hearing. focus.

Rep. Patrick McHenry said in his opening speech:

"Washington must go beyond hype to make sure it doesn't become a place to stifle innovation. Just because we may not fully understand a new technology proposal does not mean that we should immediately call for a ban. Especially when the proposal is still only a proposal. when."


(left: Rep. Patrick McHenry, right: Maxine Waters, Chairman of the House Financial Services Committee)

In the opening speech, Maxine Waters, chairman of the House Financial Services Committee, criticized Facebook's past scandals and compared it to Wells Fargo and Equifax.

Waters called on Facebook to suspend the development of the Libra project until the regulators and legislators have a good understanding and supervision.

Waters said:

"If you talk to any member of this committee, you will find that they know nothing about Libra, and they don't know anything about Calibra. We need to master and understand a huge project like this."

Other Democrats have asked Facebook to commit to launching the project on a pilot scale first, and Facebook Calibra head Marcus reiterated that the project will not start without proper approval.

Blockchain technology is real, and Facebook’s entry confirms this.

During the hearing, Mr. McHenry urged the legislators to approach Libra under “deliberate supervision” and try to understand it instead of directly denying it.

“The reality is that no matter whether Facebook is involved or not, the change is here. Digital currency and blockchain technology are real. Facebook has entered this new world to confirm this. The bitcoin created by Nakamoto is a kind of Unstoppable forces, we should not stop this kind of innovation, and the government cannot stop this innovation."

However, McHenry also pointed out his concerns.

"But let's face it, to be honest, this is Facebook, and I doubt it," McHenry said.

McHenry bluntly, he doesn't know if Libra really makes it easier and cheaper for people to send money to each other.

He added:

“Before we lost to the rest of the world, Republicans are ready to work with innovators to successfully implement responsible technology in the United States.”

Several other Republicans on the committee praised Facebook's innovative efforts, but also expressed serious concerns about regulation, data privacy, and the possibility of preventing consumers from using Libra based on social and political views.

Throughout the hearing, Democrats criticized Facebook for its lack of credibility, doubts about its motives, and expressed concern about the influence of the tech giant.

Rep. Alexandria Ocasio-Cortez said:

“We are discussing a currency that is controlled by a non-democratic alliance of big companies.”

Although Facebook argues that it is only one of the many members of the Libra Association and does not enjoy special privileges, President Waters and other legislators remain skeptical.

"This project is Facebook's idea, and Facebook is its pioneer. It is recruiting partners, and Facebook's subsidiary Calibra will provide consumers with a digital wallet to store Libra tokens," Waters said.