David Marcus Says Facebook is More than Willing to Work With US Lawmakers and User Privacy

  • FB’s David Marcus claims that the social media juggernaut will have no direct dealings with the Libra Foundation (in order to maintain a high level of customer transparency at all times).
  • Since the Libra blockchain is completely open source based, independent developers have the power to devise their very own digital wallets using its framework.

After it recently came to light that the US Congress had a number of reservations regarding Facebook’s upcoming crypto offering ‘Libra’, the company's blockchain lead David Marcus, issued a statement in which he assured lawmakers that the social media giant will work in accordance with the guidelines set forth by them. Not only that, he also pointed out that the Libra ecosystem will be completely transparent and will not allow even FBs top brass to access the personal financial information of its users.

Also, it is worth mentioning that recently Maxine Waters — Head of the United States House Financial Services Committee — along with her team penned open letters to Mark Zuckerberg, Sheryl Sandberg and David Marcus, expressing their fears regarding Libra (and how the stablecoin could adversely affect the performance of the US Dollar.)

As many of our regular readers may recall, Senator Waters recently convened a number of special meetings seeking to question FBs executive brass about their hyped crypto project.

In a letter sent by David Marcus to the U.S. Senate Banking Committee recently, he clearly addressed a number of questions that were raised by the FSC in relation to Libra.

Marcus made it explicitly clear that all monetary transactions associated with Libra will not include any of its customer’s personal data/information. Instead, he mentioned that all of the KYC/AML procedures would be carried out by trusted, third-party wallet providers.

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