Libra is “crazy and delusional,” asserts lawmaker
Facebook and Libra representatives have been answering questions this week in front of Congress
Facebook’s Libra digital currency has caused a global uproar, with governments around the world trying to figure out how to view the new offering. One common thread between them is the lack of transparency and ethics demonstrated by Facebook over the years. Now, as representatives from Facebook and the Libra project are being grilled by Congressional members in DC, lawmakers are calling the plan “delusional” and “crazy.”
Senator Sherrod Brown, the ranking member of the Senate Banking Committee, said in opening remarks as the hearings got underway, “Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. We’d be crazy to give them a chance to let them experiment with people’s bank accounts.” He said later that it was “delusional” to believe that Facebook could be trusted to protect individuals’ “hard-earned” money.
Another Senator, Martha McSally, was blunt on her feelings toward the company. She stated, “I don’t trust you guys. Instead of cleaning up your house you are launching into a new business model.”
Facebook’s David Marcus, who is overseeing the Libra project and who was the president of PayPal from 2012-2014, remained relatively calm during the verbal assaults. He finally uttered at one point, “We know we need to take the time to get this right.” He later added, “I know we have to earn people’s trust for a very long period of time.”
Trying to earn people’s trust after asking them to turn over millions of dollars seems to be a backwards approach to the system, and seems to be very similar to the old fable of the scorpion and the frog.