New York Congresswoman Alexandria Ocasio-Cortez addressed the management of Facebook’s Libra cryptocurrency in in the present day’s United States House Committee on Financial Services listening to.
As per a recording of the occasion, offered by C-Span on July 17, Ocasio-Cortez addressed Calibra pockets CEO David Marcus, asking, “[Facebook] wants to establish a currency and act through its wallet as — at minimum — a payment processor. Why should these activities be consolidated under one corporation?”
Regarding the membership of the Libra Association, Ocasio-Cortez requested, “Were they [the members] democratically elected?” After Marcus answered that it was not, however was ruled by membership requirements, Ocasio-Cortez summed up Libra as “a currency controlled by an undemocratically-selected coalition of largely massive corporations.”
From the problem of company management, the consultant pivoted to a problem of financial coverage saying:
“You stated yesterday in front of the Senate Committee that you would be open to accepting 100% of your pay in Libra. In the history of this country, there is a term for being paid in a corporate-controlled currency … It’s called ‘scrip.’ The idea that your pay could be controlled by a corporation instead of a sovereign government. Do you think that there is any risk here? We’ve seen from scrip, to the issues with how Facebook handled our elections, we’re seeing a destabilizing in our public goods.”
Company scrip has been unlawful as a type of cost in the U.S. for nearly a century, as they had been discluded from counting as “proper mediums of payments” with the Fair Labor Standards Act of 1938.
Ocasio-Cortez additionally questioned Marcus’ view on whether or not Libra, in addition to foreign money in common, needs to be a public good. Marcus mentioned that “sovereign currency should remain sovereign,” and acknowledged it was not his place to find out whether or not Libra needs to be a public good.
As beforehand reported by Cointelegraph, JPMorgan Chase CEO Jamie Dimon claimed that Libra is not going to be a risk to the monetary big in the foreseeable future.