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Facebook’s Libra: Senate Banking Committee Hearing

May Arjomand

Summary: During the Senate Banking Committee hearing today, David Marcus, Facebook’s Libra project leader revealed that Facebook will exclusively build its own Calibra crypto wallet into Messenger and WhatsApp, and will not embed any other wallets.  Marcus also stated that Libra would comply with all US regulations and will therefore not launch until the US lawmakers ...

During the Senate Banking Committee hearing today, David Marcus, Facebook’s Libra project leader revealed that Facebook will exclusively build its own Calibra crypto wallet into Messenger and WhatsApp, and will not embed any other wallets. 

Marcus also stated that Libra would comply with all US regulations and will therefore not launch until the US lawmakers feel their concerns have been answered. 

However, many questions during the hearing were left unanswered such as whether Facebook will collect data on Calibra transactions that are made on Facebook. In addition, it is still unknown how much Facebook has invested in the creation of Libra. 

Author: May Arjomand 

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