David Marcus, head of CaLibra on Facebook, wrote a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee in preparation for the upcoming Libra hearing, according to a July 9 report from The Hill.
According to the report, Marcus wrote: “I want to assure you that we have devoted time to do it right.”
In addition to being the head of CaLibra’s wallet, LinkedIn lists David Marcus as one of the creators of Libra.
Marcus’s letter is only the latest in a long rally between Congress and Facebook, since the latter published the White Paper for its future currency, Libra. It began in mid-June when Waters wrote a statement in which she expressed her concern and desire for Facebook to stop working on Libra, saying:
“Given the company’s turbulent past, I ask Facebook to agree to a moratorium on any progress in the development of cryptocurrency until Congress and regulators have the opportunity to study these issues and take action.”
Waters and the House Financial Services Committee also asked Facebook and its partners to introduce a formal moratorium on the development of Libra.
On July 2, a group of human rights organizations submitted a letter with their questions, as well as a request for a moratorium on the development of Libra.
On July 3, Marcus wrote on Facebook to solve these problems and emphasize that Facebook will play a limited role in managing the stable cryptocurrency Libra among the expected over a hundred members of the planned Libra Association.
As previously reported, the House Financial Services Committee will hear Facebook testimony regarding Libra on July 17. According to rumors, David Marcus will testify at this hearing, as well as at a meeting of the Senate Banking Committee on July 16.