US Congressman Warren Davidson said that Facebook’s direct addition of Bitcoin to the Calibra wallet would be “a lot better” than re-creating Libra. (Warren Davidson is very friendly to the cryptocurrency, and Babbitt has also published an article about his speech at the hearing .)
On a podcast show on October 11, the Republican said that part of the benefit of Facebook’s announcement of its Libra Stabilizer program is that they have identified all the issues that already exist on the current social media platform.
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The more the hearing brings is the opposite effect.
Davidson believes that the congressional hearing on Libra in July this year has intensified the pressure that Facebook has already taken, and pointed out that "many issues are not related to Libra."
He said the social media giant’s efforts to introduce proprietary cryptocurrencies have increased the focus on many of the platform’s existing businesses:
"Facebook has filtered some content. Some people say that this approach is biased. Some people say that it is great because they are protecting my security… So, do we need to filter speech or free speech? We want to Is the filtered transaction still free?"
In any case, podcast host Pierre Rochard believes that congressional hearings are a meaningful channel for many observers from traditional finance to better understand bitcoin by recognizing the problems of centralization programs such as Libra.
Davidson said that many of the people he talked to did acknowledge that the hearing had a certain impact on them. But for those who believe that global finance requires central authority to manage, such hearings will only exacerbate their hostility to distributed ledgers and decentralized cryptocurrencies, further strengthening their determination to fight this area.
Davidson said that as a means of payment, Libra will undoubtedly break the status quo. He pointed out that huge technology giants such as Facebook and Google are almost beginning to acquire quasi-sovereign attributes and challenge government authority.
In addition, the moderator asked, assuming that Facebook suddenly announced that it would no longer introduce a new currency, but directly added bitcoin to their wallet, then how would the regulator react? The host also compared the Square Cash created by the Twitter CEO. The company established the cryptocurrency department, but did not intend to issue coins, but instead invested in bitcoin development.
Davidson replied that the result would probably be much better, and he also hopes that Facebook can do the same. Maybe Apple Pay and other software can also choose to add Bitcoin.
The emergence of Libra highlights Facebook's failure?
At the Libra Congressional Hearing in July this year, Maxine Waters, chairman of the US House Financial Services Committee, and Congressman made it clear that there was a correlation between earlier Facebook disputes and the platform's attempt to establish stable currencies.
Waters has asked Facebook to stop Libra's work in mid-June, shortly after the project was announced.
She believes that the technology giant "has failed to protect consumer data privacy" and "allows malicious Russian state actors to buy and distribute advertisements", allegedly to influence the 2016 US presidential election.
US lawmakers also sharply questioned Facebook, who believes in a company that collects, stores, and abuses user data, and the company has paid a $5 billion fine.