The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Facebook’s Head of Blockchain to Testify Before US Congress as Social Media Giant Plots Strategy to Sway Crypto Critics

by Daily Hodl Staff
July 5, 2019
in Blockchain

David Marcus, who steers Facebook’s blockchain and crypto projects as the head of the company’s Calibra subsidiary, says the company’s goal is to eventually shift its upcoming Libra coin into a decentralized, permissionless state – that is, provided the company can successfully navigate regulatory hurdles.

Marcus penned a new blog post to discuss the hectic two weeks since Facebook introduced Calibra, as well as address some of the initial criticisms from the crypto community and lawmakers. Calibra’s first product is Libra, a controversial stablecoin that will be pegged to multiple currencies.

The digital asset is designed to move money across borders as easily as email, and it will launch with access to Facebook’s more than two billion users. Regulators have noted that by leveraging Facebook’s massive social network, Libra has the potential to revolutionize the global financial system. 

Marcus says he plans to testify to Congress in the weeks ahead and notes that while Libra isn’t as open as Bitcoin, decentralization is a big part of their project.

“What this means is that no one needs to become a member to access the blockchain, and to build services like wallets, or merchant acceptance.

On decentralization — we totally get the point — fungibility of nodes to ensure they can always be replaced over time is a fundamental principle of blockchains, and that’s why we’re committed to gradually transitioning to a permissionless state in the years to come. But it was important to start with trusted entities that could operate in a regulated environment and with the operational expertise required to ensure the integrity of the network in its foundational stage.”

But integrity is a foundational tenet that Facebook is struggling to earn. In a recent open letter to Marcus, chief executive officer Mark Zuckerberg and chief operating officer Sheryl Sandberg, US House representatives implore the company to halt developments on Libra, pointing out that the tech giant expects to pay fines up to $5 billion to the Federal Trade Commission (FTC), and remains under a consent order from the FTC for deceiving consumers and failing to keep consumer data private.

The Calibra head says the company’s plans to have over 100 members in the Libra Association by launch should alleviate the worries of Facebook skeptics who don’t think it can be trusted with such a project.

Says Marcus,

“Facebook will only be one among over a hundred members of the Libra Association by launch. We will not have any special rights or privileges. Facebook created a subsidiary — Calibra — that will operate a wallet service on top of the Libra Network, and while Facebook, Inc. owns and controls Calibra, it won’t see financial data from Calibra.”

Marcus also notes they won’t have a monopoly on wallet services for Libra.

“Even more importantly, people will have many ways in which to use Libra and access the network. You’ll be able to use a range of custodial and non-custodial wallets that will have full interoperability with one another, meaning you’ll be able to pay and receive payments across wallets from different companies, or use a software wallet you’d operate on your own. Bottom line: You won’t have to trust Facebook to get the benefit of Libra. And Facebook won’t have any special responsibility over the Libra Network.”

Additionally, Marcus addresses Libra’s plan for dealing with lawmakers and regulators who have expressed numerous concerns about the project. 

Says Marcus,

“We’re talking about something new, at scale in a very regulated industry, and if this is not done right, it could definitely present systemic risks no one wants. This is why we believe in and are committed to a collaborative process with regulators, central banks, and lawmakers to ensure that Libra helps with the kinds of issues that the existing financial system has been fighting, notably around money laundering, terrorism financing, and more.”

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • The Open Platform Is First Unicorn in Web 3.0 Ecosystem in Telegram at $1 Billion Valuation
    July 3, 2025
  • P2P.org Brings Native ETH Staking to Ledger Live Globally
    July 3, 2025
  • Cooking.City Bringing Back Value Redistribution to Solana Fair Launches
    July 3, 2025
  • Oasis Protocol Foundation Launches ROFL Mainnet – Verifiable Off-Chain Compute Framework Powering AI Applications
    July 2, 2025
  • Nexo Becomes First-Ever Digital Asset and Wealth Partner of the DP World Tour, Launches Nexo Golf Championship
    July 2, 2025
  • Number-One DeFi Protocol on Aptos, Echo, Launches Token Generation Event
    July 2, 2025
  • PrimeXBT Launches ‘Trade As VIP’ Campaign Offering 70% off Trading Fees
    July 1, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$108,149.98
$108,149.98
0.78%
Ethereum
$2,521.22
$2,521.22
1.17%
BNB
$655.38
$655.38
0.42%
Solana
$147.98
$147.98
1.83%
XRP
$2.22
$2.22
0.53%

Spotlight

  • 2,200,000 People Affected As Data Breach Hits Retail Grocery Giant – Names, Government IDs, Bank Account Numbers and Health Info Stolen
    June 28, 2025
  • Trader Says Bitcoin in a Transitional Period, Predicts BTC Could See Multiple Weeks of Upside if This Happens
    June 28, 2025
  • ‘If We Didn’t Have It, China Would’: Trump Expresses Support for US Crypto Industry, Dodges Question About His Personal Holdings
    June 28, 2025
  • $5,000 Payout Heading To Data Breach Victims After Insurance Incident Exposes ‘Highly Sensitive’ Information of 479,261 People
    June 28, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl