Our second panel is chris brummer, Research Professor director, institute of economic law, and University Law center. Our second witnesses katerina pastore, and columbia law school. Gendler who is professor of the practice of Global Economics and manager. Mit sloan school of management Senior Advisor to the director, Mit Media Lab and codirector of. The next witness will be robert wiseman, president , public citizen, and the final witness will be chief Strategy Officers. Welcome to all of you. Without objection, your written statements will be made part of the record. Each of you will have five minutes to summarize your testimony and with one minute remaining a yellow light will appear. At that time i will ask that you wrap up your testimony so that we can be respectful of both witnesses and Committee Members times. You are recognized for five minutes to present your testimony. Thank you so much. Members of the committee, thank you for inviting me to testify. Im here in my academic cap
We have a Good Opportunity if we enable more people to participate to offer services that can generate revenue. This is supposed to be a Nonprofit Organization, is in the . Im talking about the calibra wallop which will directly impact facebook. Is it going to be a nonprofit . No, calibra is a forprofit entity and the entity that will dold the wallet that will be offered to facebook consumers. Is Digital Currency illegal in some parts of the world quick skinny touch on that . Gets congressman there are an number of countries that prohibit buying selling or using Digital Currencies. I also want to mention privacy violation concerns things that americans have been concerned with. The american consumer, do they trust facebook and do they feel comfortable with your company . Congressman i believe we have a lot of work to do to earn Peoples Trust and we have two definitely make though strong commitments when it comes to privacy and make good on those commitments for long periods of time. I
Captioning performed by vitac many have expressed concern that facebook could outcompete banks and nondepository Financial Institutions and become some sort of Financial Services monopoly. I understand facebook has demonstrated a dominance in the social media space but i want to better understand this Financial Services monopoly idea. The Libra Association is made up of 28 pounding members, more to come, many of which have played in the Payment Processing space for a long time. Some of these firms are very large, visa and mastercard have billions of cardholders and process trillions of dollars worth of transactions. Some have argued that this association is a thinly veiled attempt at facebook eventually attempting to create a bank. It may or may not be, but i am more reminded of another Payment Innovation that started in the 1950s and 1960s as associations of likeminded companies, the Bank Card Payment networks. Banks issued their own cards, but banded together as Regional Bank card as
CLIENTS of Stocks and Securities Limited (SSL) have hit another roadblock as the firm has been suspended from online trading with the Jamaica Stock Exchange (JSE), with the Financial Services Comm.
While the Financial Services Commission (FSC) cited Stocks and Securities Limited (SSL) over the last decade, the Jamaica Stock Exchange's (JSE) Regulatory and Market Oversight Division (RMOD) cit.