CNBC: Facebook currency chief faces withering questioning from Democrats in Congress

Velasquez, Chairwoman Maxine Waters, D-Calif., and Rep. Carolyn Maloney, D-N.Y., asked Marcus if he would commit to refraining from moving forward with Libra until policymakers put appropriate regulations in place.

Clarifying his response, Marcus told Waters, “I committed to waiting for us to have all the appropriate regulatory approvals and have addressed all concerns before moving forward.”

“That’s not a commitment,” Waters responded.

Maloney asked if Marcus would commit to a pilot program to launch Libra to 1 million users with regulatory oversight. Marcus said that Facebook came out with this plan and a white paper prior to Libra’s full release in order to go through regulators.

“I don’t think you should launch Libra at all because the creation of a new currency is a core government function,” Maloney said. “But at the very least you should agree to do this small pilot program first.”

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