brummer. miss pastore you are recognized for five minutes. >> thank you very much chairman clay and ranking member mchenry. thank you to other members of the committee and thank you for the ability to examine proposed currency. i'm a professor where i've taught for the past 18 years mostly in the field of corporate law and finance, and line development. also, the law school center on global legal transformations. based on my research and an analysis of the paper and related documents that have been released so far, i've come to the following conclusion. first, it is designed to become a new global currency that will complement existing currencies designed as a for-profit currency. it promises to create a seamless global safe and inclusive payment system based on modern digital technologies. is labeled a stable coin and as such aims to deliver high liquidity-- to its customers who shall be able to exchange them against local currency on demand without suffering major cuts. to this end libra is

brummer. you are recognized for five minutes. >> thank you very much, chairman clay and ranking member mchenry. thank you to the other members of the committee. thank you for the opportunity to participate in this hearing and examine facebook's proposed global currency, the libra. i'm a professor at a law school where i have taught for the past 18 years, mostly in the field of corporate law and finance, comparative law, and law and development. i'm also the director of the law school's center on global legal transformation. based on my own research, an analysis of the libra white paper and related documents that have been released so far and a close reading of other comments and analysis of libra, i have come to the following conclusion. facebook's libra is designed to become a new global currency that will complement existing currencies. it is designed as a for profit currency of currencies. the libra white paper promises to create a global safe and inclusive payment system based on modern di

and then mentions of other ethnic minority conservative mps, alex brummer, su, who may be promoted. he has mediapoint a mark spencer as chief whip —— made the appointment. also olly foster, the dup leader, has confirmed, she has confirmed that they will support the conservative, —— aileen foster. . also that the details will be reviewed. nothing will be easy for borisjohnson. reviewed. nothing will be easy for boris johnson. no, indeed. tim, interesting the ethnic diversity of this new cabinet, if that is indeed what happens. because borisjohnson has been criticised for some of his previous journalism and the terms that he would use. yes. what a hope is that, a lot of people concentrate on the words that donnal... boris johnson sometimes puts out there and they are controversial and we should hold him accountable for that, but we should judge him largely by his deeds. and on lots of issues like homosexual other, for example, he has said some controversial things in the past, but was one of the earliest backers of gay marriage. and i think if he builds a cabinet which really

brummer, what do you think? >> certainly they have not disclosed exactly what the selection criteria would be for ramping up even to 100 members, you would have to expect that given the resources available to the existing members that the entry point and the expectations of new members would be very large. there's no clear path to reaching the kind of descent zags and decentralized infrastructure that mr. marcus is promising in terms of evolving into a bitcoin-like infrastructure. so like you i do have doubts as to certainly how quickly they would be able to ramp up, much less become a permissionless system. >> so do you think -- i'm thinking beyond 100 members of this association because, remember, what he said, he said was, well, there's going to be a smaller governing group that will be making these decisions, i guess, for everybody. so could there possibly be thousands of companies in this association? >> there's nothing that forbids it and if it helps the distribution of a product, economic rational would b