fbpx

Ocasio-Cortez Criticizes Corporate-Controlled Money in House’s Libra Hearing


1
1 point

New York Congresswoman Alexandria Ocasio-Cortez addressed the control of Facebook’s Libra cryptocurrency in today’s United States House Committee on Financial Services hearing.

As per a recording of the event, provided by C-Span on July 17, Ocasio-Cortez addressed Calibra wallet 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 asked, “Were they [the members] democratically elected?” After Marcus answered that it was not, but was governed by membership standards, Ocasio-Cortez summed up Libra as “a currency controlled by an undemocratically-selected coalition of largely massive corporations.”

From the issue of corporate control, the representative pivoted to an issue of monetary policy 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 illegal as a form of payment in the U.S. for almost a century, as they were discluded from counting as “proper mediums of payments” with the Fair Labor Standards Act of 1938.

Ocasio-Cortez also questioned Marcus’ view on whether Libra, as well as currency in general, should be a public good. Marcus said that “sovereign currency should remain sovereign,” and stated it was not his place to determine whether Libra should be a public good.

As previously reported by Cointelegraph, JPMorgan Chase CEO Jamie Dimon claimed that Libra will not be a threat to the financial giant in the foreseeable future.

Source : https://cointelegraph.com/


Like it? Share with your friends!

1
1 point

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
1
geeky
love love
1
love
lol lol
1
lol
omg omg
0
omg
win win
0
win
cointelegraph

Explorer

avatar
200
Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
Open List
Submit your own item and vote up for the best submission
Image
Photo or GIF
Gif
GIF format
Ranked List
Upvote or downvote to decide the best list item
Audio
Soundcloud or Mixcloud Embeds
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Meme
Upload your own images to make custom memes