RATE Group | Meet Facebook’s David Marcus, head of the Libra cryptocurrency
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Meet Facebook’s David Marcus, head of the Libra cryptocurrency

17 Nov Meet Facebook’s David Marcus, head of the Libra cryptocurrency

Posted at 02:04h in Cryptocurrency News by

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“Everyone was anxious and excited at the same time and it was a memorable night,” Marcus told CNN Business. “It was great to finally, after all of this work and all of this time … to be able to just move into a very open phase of the project.”

But once released into the world, it didn’t take long for the world to turn on Libra.

Criticism from politicians, regulators and finance experts came swiftly. Many feared Libra could upend the global financial system, threatening the power of central banks or of government-backed currencies like the US dollar. They also worried it could give the social media giant even more power and threaten user privacy. The United States lacks a straightforward regulatory structure for cryptocurrencies, making it unclear who would be responsible for overseeing Libra.

Lawmakers called both Marcus and Facebook CEO Mark Zuckerberg to testify before Congress and grilled them in public hearings. Some lawmakers have even proposed legislation that aim to stop…

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