U.S. Congressional Team member Ouyang Mo’s prologue behind the scenes of the Libra hearing

In the early morning of July 18, 2018 Beijing time, the House hearing ended. So far, David Marcus, the much-watched Facebook Libra leader, officially ended his two hearings in the Senate and House of Representatives.

On the one hand, the two hearings conveyed recognition of the blockchain and cryptocurrency, and on the other hand reflected the doubts and objections to Facebook and Libra.

Regarding the future direction of the hearing and the cryptocurrency, Deep Chain Finance interviewed Dr. Omer Ozden, a member of the Congressional caucus and a Facebook legal adviser, who had witnessed the two hearings. It is reported that he A closed meeting will be held with the 21 members of the Lawyers and Senate Houses on the 18th Eastern Time.

Dr. Ouyang Mo is the founder and CEO of RockTree LEX, the international partner of Zhenge Fund, the partner of DGroup/DFund, and the co-founder of Youke Factory.

In addition, he is a practicing attorney in New York State, USA, with more than 20 years of experience as a lawyer, and in 2006 he became a legal counsel for Facebook.

Through an interview with Dr. Ouyang Mo, Shenzhen Chain Finance hopes to bring more relevant information about Facebook Libra and the front and back of the hearing.

Dialogue with Ouyang Mo

Deep Chain Finance: From the video point of view, the atmosphere of the hearing last night was quite tense. What do you find and feel when you attend these two hearings?

Ouyang Mo: First of all, most members of the parliament are disgusted with Facebook. Because of the previous disclosure of user privacy data, Facebook has a bad reputation in the eyes of the government. The tense atmosphere has nothing to do with cryptocurrency, but is related to Facebook's previous behavior, which affects both hearings.

Deep Chain Finance: Do you think the regulator knows about the blockchain?

Ouyang Mo: The US government is not very familiar with the blockchain. Fortunately, blockchain and cryptocurrency have reached a certain height. In Chinese, it is Wall Street 2.0, and the blockchain is becoming more compliant and more institutionalized. Institutional investors, big investment banks, and technology companies quickly entered the blockchain field.

The hearing is actually a positive thing because it shows the level of blockchain.

Deep Chain Finance: Have you ever talked to Congressional members about the blockchain?

Ouyang Mo: We are now working with the government to help them develop sound laws. I told people who met in Congress one thing: Do you know that there is such a saying in China, "One day in the currency, one year in the world", this sentence means that the blockchain is faster than other industries. It’s much faster.

If the government delays in formulating clear regulations, the United States and other countries that do not have regulatory support for the blockchain will fall behind on this technology track, which is not only about technology, but also about finance.

Deep Chain Finance: Are you satisfied with Marcus' performance at the hearing?

Ouyang Mo: I am very satisfied with Marcus's performance and answer.

Deep Chain Finance: What is the reason for satisfaction?

Ouyang Mo: You know, I started as a Facebook lawyer in 2006. Marcus was trained very well on how to talk to Congress. He didn't answer the question directly, but he didn't say no. He disagreed with the chairman of the House Financial Committee, Waters, requesting a suspension of the Libra project, but he said it is important: if the government does not allow it, he will not launch Libra.

This is of course good, and they can continue to study the technical aspects of Libra before being approved.

Deep Chain Finance: What do you think about Libra and Marcus catering to regulatory attitudes?

Ouyang Mo: As Marcus said, they will cooperate with the government. I think those blockchains and cryptocurrency companies that are seeking legal regulation and can work with the government will ultimately succeed, in the United States or elsewhere, in a non-compliant, improper way to do this. The company or individual will eventually be punished or terminated. This is very clear after the hearing.

Deep Chain Finance: What is your dissatisfaction with the hearing?

Ouyang Mo: Not very satisfied with the witnesses. In addition to Marcus, there are five witnesses, one of whom is my friend. She is the one who truly understands the blockchain and cryptocurrency among the five witnesses, and the only one who has bitcoin. She talked about the impact of bitcoin on the financial system, technological innovation and the economy.

I mean, there are a lot of hearing expert witnesses who don't understand the blockchain, but they are still in that position.

Deep Chain Finance: What important signals do you think the hearing released?

Ouyang Mo: I think the important thing is that the signal is that you can cooperate with the government. In the end, you will get approval, you can become bigger, and those who do not comply with the law and rules will be punished.

Deep Chain Finance: Do you think Libra will be approved for launch?

Ouyang Mo: This matter will definitely be approved in the end. The only thing is that they (the government) have their own pace.

The government will approve Libra, but they have their own speed. People in the blockchain and cryptocurrencies must be aware of the need for the government to recognize that many parties will benefit from not only blockchain companies, but also the Federal Reserve, Wall Street, big investment banks, traditional capital, and so on.

As I said, "Wall Street 2.0" is coming, then the old Wall Street financial model will be broken, so the government needs to ensure that all parties are satisfied, it takes time.

Deep Chain Finance: I heard that there is a closed meeting after the House hearing? Who hosted it?

Ouyang Mo: There is a blockchain core group in Congress. We will talk about it again tomorrow.

Deep Chain Finance: What is the difference between this closed meeting and the hearing?

Ouyang Mo: This meeting is a closed meeting. At the hearing, sometimes when people were on TV, they were doing things for TV. We noticed that some members of the Senate and the House of Representatives, especially some of them, did just to show their faces on TV.

Tomorrow's meeting will have top blockchain lawyers and government officials discussing how to develop Libra and blockchain regulations in closed meetings, and some of the top blockchain companies will listen to the details. The details will not be open to the public. But this meeting is even more important.

Note: Deep Chain Finance will continue to pay attention to the closed-door meetings organized by Congress around Libra and blockchain supervision.

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