Facebook will defend Libra before the Congress today. This should be interesting.

On Tuesday, at 10 a.m. PT/1 p.m. ET, Facebook's David Marcus will stand before the U.S. Senate Banking Committee and explain Facebook's vision for Libra cryptocurrency. 

It won't be an easy task. Amongst the U.S. lawmakers and finance institutions, Libra has mostly been met with skepticism. President Trump said Libra will have "little standing or dependability" and suggested Facebook seek a banking charter if it wants to "become a bank." A draft bill circulating among some members of the Congress looks to completely ban Facebook from having anything to do with cryptocurrencies.

We already know what Marcus is going to say in his opening remarks; the document has been published online. In a nutshell, it's a short primer on the structure and management of Libra, the cryptocurrency, as well as Calibra, Facebook's digital wallet that will be integrated in Facebook's myriad apps and services.  Read more...

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