marcus, ican hearing for facebook‘s david marcus, i can tell you that. there are two issues here at play, one of them is that he is about digital currency in general, whether it is going to be used for illegal purposes, money laundering, buying of drugs and so forth, but also the secondary issue which affects facebook specifically is justin facebook which affects facebook specifically isjustin facebook itself. senators called it delusional the company would think people be willing to trust them with their financial data and they criticised the firm by having the past 18 months of apologies and promises to do better. there is real worry that facebook has so much on its plate already to fix with this company bringing on another huge project like this might be another step too far. in response, david marcus from facebook, he said they aren't going to do anything that's going to be without regulatory approval, but it looks like their goal of launching this next year, 2020, could be slightly ambitious. they got a lot of people to convince before they can real

marcus he made an interesting point he said that it might be better for the u.s. and should be trying to get a video ship when it comes to a digital currency and payments so that not some other country jumps in ny guess that was a hint that china could be one of those players so we will see if facebook can convince them regulators and put it to sions was this argument but the whole controversy actually brought also some easiness to other crypto currencies bitcoins for example just within 2 trading days lost about 20 percent in value and because going through another rough ride we've seen this week quarter joining us from new york thinking and. wall street's biggest banks reported solid results for the 1st quarter of the year both j.p. morgan chase and goldman sachs but profits in the 1st 3 months but some of the results disappointed investors and they underline the uncertainties there looming over wall street. the growth of the u.s. economy continues to confound expectations on tuesday some of the country's biggest banks reported mostly strong 2nd quarter results

what consume david marcus head to facebook's libra subsidiary kelly for a face to panel of senators who weren't prepared to pull their punches that facebook is dangerous. after all the times facebook is abuse the public's trust and you know that you really think people should trust facebook with their hard earned money trust us primordial and we've made mistakes in the past and we have been working in our continuing to work really hard to get better central banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook saying and promised the senate banking committee that the cryptocurrency would not be in anyone's digital wallet until global regulators was satisfied we will take the time to get this right we expect the review of libor ought to be among the most extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the libor a digital currency until we have fully addressed regulators concerned and received for p

business report i'm stephen beard's in berlin thanks for joining us facebook executive david marcus told the new york times last month that the company's new cryptocurrency libra could be quote a profound change for the entire world and quote on tuesday markets delivered a much more subdued message to u.s. lawmakers libra wouldn't threaten the current monetary system and it wouldn't seek to replace sovereign currencies senators were skeptical to say the least take a look consumed david marcus head to facebook's libra subsidiary kelly for a face to panel of senators who weren't prepared to pull their punches or facebook is dangerous. after all the times facebook is abuse the public's trust and you know that if you really think people should trust facebook with their hard earned money trust is probably more due and we've made mistakes in the past than we have been working in our continuing to work really hard to get better central banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook's aim and promise

the first to be baked over the raked over the coals, facebook's david marcus was the -- david marcus. the co-creator of the cryptocurrency project. senator brown: facebook is dangerous. now, facebook might not intend to be dangerous, but surely they do not respect the technologies they are playing with, like a toddler who has gotten a hold of a book of matches. their motto is to move fast and break things. we would be crazy to give them a chance to experiment with people's bank accounts. david: we will take the time to get this right. wouldn't it be easier and safer if people could inexpensively secure money transfers through their smartphones just like they do for so many things today? that is what libra is about. >> i do not trust you guys, so instead of cleaning up your house, now you are launching into another business model with calibra. david: we have designed this network so that facebook does not and will not control currency. >> will you commit that facebook will not develop preferential incentives that unfairly help calibra, in terms of whatsapp and messenger, that they will

that is where david marcus fell short. he was not able to articulate what this technology would mean for average consumers, especially people like farmers, commodity traders, how remittance programs would be affected by this. seasonal workers would be impacted. that is where the conversation from congressman hill's perspective needs to head. from his perspective, david marcus was unable to go there. david: david marcus was asked how many underbanked are there you want to try to serve. he said i don't know. then he said him a rural people are there, he said i do not have that number. they pressed him on the specifics of the benefits he is claiming will come when he does not seem to know exactly how big of a solution this would be to the problem. mr. marcus: he cannot i -- kevin: he can identify the problem or the solution -- he could not identify the problem nor the solution or provide the data on what this technology would do. a lot of unanswered questions. facebook says they are not going to come out with this or enact th

well, it wasn‘t a particularly comfortable hearing for facebook‘s david marcus, i can tell you that. there‘s two issues here at play here, one of them is unease about digital currency in general, whether it is going to be used for illegal purposes, money laundering, buying of drugs and so forth, but also the secondary issue which affects facebook specifically is trust in facebook itself. senators called it "delusional" the company would think people would be willing to trust them with their financial data and they criticised the firm by having the past 18 months littered with apologies and promises to do better. there is real worry that facebook has so much on its plate already to fix with this company, that bringing on another huge project like this might be another step too far. in response, david marcus from facebook, he said they‘re not going to do anything that‘s going to be without regulatory approval, but it looks like their goal of launching this next year, in 2020, could be slightly ambitious. they‘ve got a lot of people to convince before they can really let that go

so you were not satisfied with david marcus's answers. tot would your answer be mark zuckerberg, the ceo of facebook? senator warner: my answer would be that blockchain offers an awful lot of opportunities, but you have a burden of proof, facebook, to make sure, one, that we get it right in treating this new network, two that it is safe. mr. marcus's comment that for every crypto dollar, there would be another dollar or another currency on a 1:1 breaking it up, that's next to the absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not billed in implicit and -- they would not billed in implicit and explicit things for their product is a strange -- they would not build in implicit and explicit things -- when he said a third party wallet came around, and people do not want to use the so-called calibra facebook product but a third party, they would be willing to transfer

my name is david marcus and i'm the head of calibra and facebook. i've been an entrepreneur aimed at building products that improve people's lives for many years. i became the president of paypal after i acquired my last start up and i moved to facebook years ago to run messenger and lead the blockchain efforts. in my written testimony i described the mechanics of libra. today i want to expand by i'm optimistic about what it can offer the world. but before i get there, i want to make it clear that we recognize we are only at the beginning of this journey. federal reserve chairman powell has said publicly that the process for launching libra needs to be patient and thorough rather than sprinting to implementation. secretary mnuchin reinforced his recent press conference and we strongly agree with both of them. we will take the time to get this right. we expect to review libra as one of the most extensive efforts ever and we are fully committed to working with regulators here and around the world. chairwoman waters, speaking on behalf of facebook, i p

david marcus will be grilled for a couple of days. he will be asked some pretty difficult questions that facebook right from the outset has said, "we won't go ahead with this until its properly properly managed" et cetera, et cetera. this is different to any other crypto currency four. what facebook want to do is target those people, as you said earlier, that don't have a bank account. —— crypto currency. facebook will say this is for good, to help people have access to world markets and be able to pay with ings away modern technology and the financial world are moving. the biggest problem within this and what david marcus will have today and what mark zuckerberg had when he testified previously, there will be a lot of people asking the questions about this that don't necessarily understand what the technology does. that is not a slur on them because they were still a lot of us who don't really understand the technology and what goes into crypto and why are there. that is the biggest stumbling point. its education and making peopl

what will they be grilling david marcus over? >> this is a complicated topic very few people in the world understand it. starting with what is money. i think few people in congress understand what money is, let alone value, now we're talking cryptocurrency and facebook, their long-term plan is to have libra be decentralized congress has no idea what decentralization is. you know, i think a few things that they're most concerned about, one is, you know, making sure the u.s. dollar continues to be the world currency, the world's reserve. and that's at risk both from libra and from bitcoin that will be the major topic of conversation with marcus >> bitcoin, ether, lite coin are not necessarily tied to the u.s. dollar bubbbblt libra and other stables are tied to the u.s. dollar. how much of this will be education for lawmakers and how much of this will be lawmakers trying to figure out what big tech is doing to circumvent these safeguards >> again, this comes back to this is complicated. this is not kind of thing congress will learn

david marcus pushed back on that saying it's more of a payments platform, it's not a storer of money but he would still be happy to accept his salary through that they have to say this is something for any user >> therein lies the issue, there's a distinction between being used a as stos a storage f wealth versus a payment system elizabeth. thank you for that scoop very interesting one on libra. everyone is talking about libra, even the bank of japan, kuroda just made comments to that effect >>> in other news, bhp reported a rebound in its inron ore output the miner also slightly raised its forecast for the year ahead. >>> assa swung to a profit in the second quarter beating expectations as the biggest lockmaker. the swedish firm said uncertainty has increased amid weaker construction indicators and geopolitical challenges. now i'm pleased to say we're joined by nico e de oshgo delvao of assa. there was an improvement in operating margins, so it feels like a solid quarter altogether. but the key question is what can we expect for the second half of the year given the uncertainty ther

what do you want to hear from him that you did not hear from david marcus? rep. sherman: we are getting a confused and contradictory report from marcus. he is telling us they are going to abide by the anti-money laundering and know your customer rules that we impose on our banks, but then he is saying that there will be others who create separate wallets that will be formed in other countries and one wonders whether a company creating a tehran ismoscow or going to follow the anti-money laundering rules. a promise, then paints a picture in which facebook would be incapable of carrying it out. likewise, marcus promises that there will be no printing of additional money, they will have reserve, but describes a system for governing the libra in which facebook will not be in control, so who knows what they will be able to do? we need to iron this out. when we get contradictory information from the employee, we need to hear from the ceo. emily: what do you think le here should be versus zuckerberg himself. rep. sherman: we should be prohibiting cryptocurrencies. they d

libra is the currency itself and something for profit that david marcus a smart guy that used to run paypal is in charge of as well. i think you know david marcus who's a guy that knows a lot about digital currency, can have about a billion dollars as i do of calculation. 10 million bucks to be a member of libra alliance. they want to have a hundred when i am a lawyer. those maths and resources also make facebook the right one. if you go through and sort out the kind of three big points, trust, control and cost. i will take them in reverse order. they talk about the financial service industry which is growing fast. it puts a lot of costs, there is a lot of tolls involved in moving money around. cost is a big issue. the unbank they talk about a lot as part of their mission statement. there are billions of people around the world, 1.7 billion people. >> i want to hear you talk about the trust part. >> trusting facebook is at an all time low for a lot of people. why are people going to trust them with money? >> well, i won't speak for them but i will say what they say. that's why they s

he then tried to get david marcus, a facebook executive who's testifying to make his own promise, and that is to receive his salary in libra. >> senator, if your question is whether i would trust all of my assets in libra, the answer is yes. >> do you trust this enough to make your compensation paid fully in your currency >> senator, i would, because it is backed one for one with a reserve. >> you could have said "yes" at the beginning of the question, then >> senator, with respect, i wanted to clarify that we're not trying to compete with bank deposits >> he has said that statement repeatedly, that facebook is not trying to compete with banks he also compared libra to cash and said that the company would not be receiving any information from users about the libra association. >> getting this right means addressing these concerns in full and ensuring that there's proper regulatory oversight for this project >> carl, you had asked earlier about whether facebook and libra had any champions on capitol hill we did hear senator thom tillis say that he thinks this project is worth doing tha

what do you want to hear from him that you did not hear from david marcus? rep. sherman: we are getting a confused and contradictory report from marcus. he is telling us they are going to abide by the anti-money laundering and know your customer rules that we impose on our banks, but then he is saying that there will be others who create separate wallets that will be formed in other countries and one wonders whether a company creating a sk, moscow, or tehran is going to follow the anti-money laundering rules. marcus makes a promise, then paints a picture in which facebook would be incapable of carrying it out. likewise, marcus promises that there will be no printing of additional money, they will have a 1:1 reserve, but describes a system for governing the libra zuck-buck, in which facebook will not be in control, so who knows what they will be able to do? we need to iron this out. when we get contradictory information from the employee, we need to hear from the ceo. emily: what do you think congress's role here should be versus facebook and zuckerberg himself? w

mark zuckerberg and david marcus, i am sure, both wanted to do it, and they prevailed. mark zuckerberg is always going to prevail at facebook. but it may be that the naysayers were right. emily: meantime, kurt, alexandria ocasio-cortez, aoc, as she knows, called facebook a surveillance company, and while the hearing in which facebook was present yesterday had perhaps less fireworks, the broader implications for facebook are huge, a potential breakup call, calling attention to the idea that facebook could be a monopoly. paint the bigger picture for us here about everything that facebook is up against. kurt: well, it is pretty simple, right? we were already had a conversation about whether facebook had too much power, and now they say not only do they want to enter a new market, but they want to enter one essence of it as finance, as sensitive as having access to people's money. there is a lot of concern that -- or do we let a company that we already think might be too morend too powerful has say over how people kind of do their personal life and how they spend their mone

mark zuckerberg and david marcus, i am sure, both wanted to do it, and they prevailed. mark zuckerberg is always going to prevail at facebook. but it may be that the naysayers were right. emily: meantime, kurt, alexandria ocasio-cortez, aoc, as she is known, called facebook a surveillance company, and while the hearing in which facebook was present yesterday had perhaps less fireworks, the broader implications for facebook are huge, a potential breakup call, calling attention to the idea that facebook could be a monopoly. paint the bigger picture for us here about everything that facebook is up against. kurt: well, it is pretty simple, right? we are already had a conversation about whether facebook had too much power, and now they say not only do they want to enter a new market, but they want to enter one essence -- as sensitive as finance as sensitive as having access to people's money. there is a lot of concern that -- or do we let a company that we already think might be too big and too powerful has more say over how people kind of do their personal life and how they

david marcus head of facebook's lever a subsidiary kelly faced a panel of senators who weren't prepared to have punches. facebook is dangerous. after all the times facebook has abused the public's trust and you know that if you really think people should trust facebook with their hard earned money trust this primordial and we've made mistakes in the past and we have been working and are continuing to work really hard to get better central banks worldwide have raised concerns that lever could become a rival to sovereign currencies david marcus out and out tonight that was facebook saying and promised the senate banking committee that the cryptocurrency would not be in anyone's digital wallet until global regulators was satisfied we will take the time to get this right we expect the review of libra to be among the most extensive ever we are fully committed to working with regulators here and around the world and let me be clear and unambiguous facebook will not offer the libor a digital currency until we have fully addressed regulators concerned and received for approvals. marcus's appear

so you were not satisfied with david marcus's answers today, it seems. what would your message be now to mark zuckerberg, the ceo of facebook? sen. warner: my message would be blockchain offers an awful lot of possibilities, but you have a burden of proof, facebook, to make sure, one, that they get it right in creating this new network. two, that it is safe. i thought mr. marcus's comment that for every crypto dollar, there would be a real dollar or another currency on a one-to-one basis backing it up. that's basically absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product strains credibility. i was glad to hear him say that if a third party wallet came around, and people do not want to use the so-called "calibra" facebook product but wanted to a third party, they would be willing to transfer the keys, transfer the da

we know that david marcus, the head of calebra for facebook will be testifying on capitol hill tomorrow. his testimony came out today in which he struck a very humble but sort of defensive tone in saying that libra is not intended to be an investment vehicle. it's intended to be a payment vehicle that the crypt okurancy will not be used for monetary policy, and sort of defending this as a way for facebook to provide economic opportunity to its users. but of course, he is going to be facing a very hostile environment when he testifies tomorrow, and certainly we'll see if that same tone is echoed by the treasury secretary when he speaks in just a few minutes. >> this is most notable because this comes just days after president trump tweeted specifically about libra as well as cryptocurrencies, that could be construed, steven mnuchin is approaching the podium let's go to him right now. >> recently, as you know, there's been a great deal of interest about digital assets, including cryptocurrency such as bitcoin and libra. there are many regulatory and supervisory questions regarding libra,

his statements, head of two hearings this week on capitol hill where facebook blockchain lead david marcus is expected to testify before the senate and the house lawmakers. he will tell congress facebook won't move forward with there one crypto currency without full approval and regulation. but will that be enough to satisfy the doubters? michelle fleu ry to satisfy the doubters? michelle fleury in new york. 48 hours and more thani fleury in new york. 48 hours and more than i million deals and the annual amazon prime day has kicked off and it set to be the company's biggest ever. what started in 2015 as a day—long sale now spreads over two days and 17 countries. amazon says over 100 million products were bought last year during the event and some estimates put sales figures for 2018 at 3.7 billion us dollars. earlier an expert told me why he thinks the company will do even better this time around. i think they're going to have a fantastic 2019 for a number of reasons. basically this year they decided to extend their hours from 36 hours to 48, so it will be a full two—year event for the

david marcus, who will oversee libra for facebook, will be getting a grilling? what has facebook got to do to convince regulators and even the white house that they can go ahead with libra? he has a big task in front of him. there are lots of concerns about facebook? track record on privacy, i think we will see lots of criticism of facebook broadly, a lot of distrust about whether they can deliver on the promise of helping financial inclusion, and there is a big education gap. i think explaining blockchain technology, its promise, what it can do to help with money—laundering, will be a tall order over the next couple of days for people just trying to land political shots. we should watch this space, thank you for coming in and explaining, and we will keep you across how that progresses in congress later today. the interest in plant—based food that looks and tastes like meat has got investors salivating and entrepreneurs busy trying to cook up new products. but are meat alternatives really the future of food? samira hussain puts the new wave of vegetarian far

david marcus the executive , responsible for its proposed cryptocurrency libra spent much of this morning appearing before the senate banking committee, trying to reassure skeptical lawmakers. >> trust is primordial and we have made mistakes in the past. we have been working and are continuing to work really hard to get better. >> not a real warm reception here for david marcus this morning. basically, to the extent of that he was hoping to limit the discussion to facebook's cryptocurrency plans, it very quickly veered away from there. the top democrat on the committee, sherrod brown, basically said that because of facebook's track record, the senate would be delusional to trust facebook to go ahead with this project. it is like everyone had a swing at facebook here. they were also talking about libra, which is in that context in facebook's plan to do something that has never been done before and potentially change the way the world uses money. >> the bank of korea has lowered its benchmark rate and we wait to see if the federal reserve takes the lead. i think 10 out of 25 economists got

we w will hear from david marcu. hehe did say t the company was t planning t to compe wiwith any traditional currencies and t tht they would work with regulators before they launch it. we expected to be a fiery hearing. we can ask lots of questions about privacy, what data facebookok will collect,t, and facebook costs influence in general. >> thank you. three months on from a devaststing fire,, people would disagree that rebuilding notre dame is a part -- few people would disagree that rebuilding notre dame is a priority. >> three months after the firer, notre dame is baring her battle scars. a roof p protector protects her inteterior from the elements. ththere is a rereal risk k the buildi prorocess sealant -- buildings ceiling could collapse. they have to clelear up the toxc lead deposits in and aroround te cathedral. many questionsns surrounund the eventual recononstructionn effo. in part, it is due to the question of what the cash will be spent on. emmanuel macron wants a daring reconstruction, but not e everye c

david marcus, the executive responsible for the proposed cryptocurrency labor spent much of this morning appearing for the senate banking committee, trying to reassure skeptical lawmakers. >> we have made mistakes in the past and we have been working and are continuing to work really hard to get better. >> not a real warm reception for david marcus this morning. extent he was hoping to limit the discussion to the cryptocurrency plans, it very weakly paired away from their. the top democrat on the committee basically said because of facebook's track record that the senate would be delusional to trust facebook to go ahead with this project. it was like everyone had a swing at facebook. they were also talking about libra which is, in that context, facebook plan to do something that is never been done before and potentially change the way the world uses money. bank of korea has lowered its benchmark rate and we will wait to see if the federal reserve takes the lead. i think it was 10 out of 25 economist they got it right. it's seen as a sign that tumbling experts have created an urgency for

so you were not satisfied with david marcus's answers, it seems. what would your answer be to mark zuckerberg, the ceo of facebook? >> my message would be blockchain offers an awful lot of opportunities, but you have burden of proof, facebook, to make sure, one, that we get it right in creating this new network, two, that it is safe. i thought mr. marcus's comment that for every crypto dollar, there would be a real dollar or another currency on a 1:1 backing it up, that's basically absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product is strange. i was glad to hear him say that when a third party wallet came around, and people do not want to use the so-called calibra facebook product but a third party, they would be willing to transfer the keys, transfer the data, do the technical transfers to that third party,

and then david marcus is going to be on the hill today, talking about libra. >> david has to reposition what they have been saying. david was from pay pal the idea was to work with the up banked if you were a rich person who lived in zimbabwe, i could have crafted a libra for you. i could have crafted it. but poor person, i couldn't. why doesn't marcus explain it like that? they have to change the narrative completely president trump seems to be joining in in a fun way here against senator mccarthy, i'm sorry, peter thiel he expressed interests in chinese startups i hate charges of treason. we live in a different era. >> i think this is the beginning of -- here is some of the response from google in terms of these charges peter thiel made, unsubstantiated. some would argue, if he knows things that are secrets, he can't share them, not that i would be aware -- >> i want to know how many communists, is it more than 50 is it 57 communists? >> funny, you were looking up roy combs this morning. >> roy combs was -- the president was a confidant, the counsel for senator mccarthy he said, he wa

david marcus will testify before the house financial services committee tomorrow. let's not forget steven mnuchin yesterday at the white house raising concerns the administration has with regards to the digital currency field. david: before that we had chair powell from the fed raising concerns last week. ,f you were mr. marcus listening to everything you are hearing from the senate, would you walk away having a better sense of what congress once from him? kevin: that is a great question. the short answer would be no. in talking with the internet community and the lobbying groups in washington, d.c., as sympathizerschain who believe this is the future, they make that point. the regulatoryre reforms the administration and lawmakers are calling for, rather than just reputational risk concerns we have seen time and time again beyond the issue of privacy. rangingnt to concerns from international regulatory patchwork of regulations they and point tow various discrepancies are republicans criticizing big tech for conservative freedom of speech reasons and other lawmakers

so you were not satisfied with david marcus's answers, it seems. what would your message be to mark zuckerberg, the ceo of facebook? >> my message would be blockchain offers an awful lot of possibilities, but you have a burden of proof, facebook, to make sure, one, that we get it right in creating this new network, two, that it is safe. i thought mr. marcus's comment that for every crypto dollar, there would be a real dollar or another currency on a 1:1 basis backing it up, that's basically absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product strains credibility. i was glad to hear him say that were a third party wallet came around, and people do not want to use the so-called "calibra" facebook product but a third party, they would be willing to transfer the keys, transfer the data, do the technical transfers

so you were not satisfied with david marcus's answers, it seems. what would your answer be to mark zuckerberg, the ceo of facebook? >> my message would be blockchain offers an awful lot of opportunities, but you have a burden of proof, facebook, to make sure, one, that we get it right in creating this new network, two, that it is safe. i thought mr. marcus's comment that for every crypto dollar, there would be a real dollar or another currency on a 1:1 backing it up, that's basically absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product is strange. i was glad to hear him say that when a third party wallet came around, and people do not want to use the so-called "calibra" facebook product but a third party, they would be willing to transfer the keys, transfer the data, do the technical transfers to that third pa

it was not a very warm reception to say the least, that david marcus got today. senators on both sides of the aisle were very skeptical. at one point, sherrod brown, the ranking democrat on the committee basically said it was delusional, his words, to think that we could trust facebook to go ahead with this project. somecommittee basically said its republicans were also pretty skeptical. while a living more willing to give facebook the benefit of the doubt. shery: quickly, if we need to regulate the brock, who would do it in the u.s.? ben: that is a great question. was asked that question and he said he was not in the position to say that. that is really because congress has not said who is in charge here. they have not said which agency is responsible for cryptocurrencies. or the last couple of years in washington, it's been a process of everyone trying to figure it out, but nothing has changed the focus like facebook has. we may see some movement on that now that facebook has come in. is there anything that could persuade you that because this is likely to happ

david marcus, the executive responsible for the proposed cryptocurrency labor spent much of this morning appearing before the senate banking committee, trying to reassure skeptical lawmakers. >> we have made mistakes in the past and we have been working and are continuing to work really hard to get better. >> not a real warm reception for david marcus this morning. to the extent he was hoping to limit the discussion to the cryptocurrency plans, it very quickly veered away from there. the top democrat on the committee basically said because of facebook's track record that the senate would be delusional to trust facebook to go ahead with this project. it was like everyone had a swing at facebook. they were also talking about libra which is, in that context, facebook's plan to do something that has never been done before and potentially change the way the world uses money. >> bank of korea has lowered its benchmark rate and we will wait to see if the federal reserve takes the lead. i think it was 10 out of 25 economists they got it right. it's seen as a sign that tumbling experts have creat

and law americas on ma lawmakers on making sure this is secure there are questions of privacy and david marcus said in his testimony that the swiss data privacy regulator will be overseeing the privacy issues related to libra we talked to that wreregulator, they say they have not been in contact with facebook. so there may be a bit of questioning around how seriously they're taking this and ultimately questions about trust on the platform, given that facebook has the 2.4 billion users and they would like to tap into those payments. >> amazon day ended yesterday, the eu, does it look like it will be more aggressive antitrust potential action against amazon from europe >> we know that this amazon probe was coming cnbc spoke with the competition commissioner a couple months agoment they said they were talking to serl sellers and they are investigating how much amazon uses the date to it sells on its platform to its own advantage. so they act as a host and their own merchant they are trying to say are they abusing dominance there? there's been some questions in europe on how to approach ama

so you were not satisfied with david marcus's answers. it seems to -- seems. what would your answer be to mark zuckerberg, the ceo of facebook? >> my message would be blockchain offers an awful lot of opportunities, but you have a burden of proof, facebook, to make sure, one, that we get it right in creating this new network, two, that it is safe. i thought mr. marcus's comment that for every crypto dollar, there would be a real or another dollar currency on a 1:1 backing it up, that's basically absurd when there is no such requirement in the banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product is strange. that glad to hear him say when a third party wallet came around, and people do not want to use the so-called "calibra" facebook product but a third party, they would be willing to transfer the keys, transfer the data, do the technical transfers to that third party, t

so you were not satisfied with david marcus's answers, it seems. what would your message be now to mark zuckerberg, the ceo of facebook? >> my message would be blockchain offers an awful lot of possibilities, but you have a burden of proof, facebook, to make sure, one, that we get it right in creating this new network, two, that it is safe. i thought mr. marcus's comment that for every crypto dollar there would be a real dollar or another currency on a 1:1 backing it up, that's basically absurd when there is no such requirements within our banking system. it seemed to me, as well, where you have had facebook not be a good steward of so much personal data already, the idea that they would create this new network and not build in implicit and explicit preferences for their own product, really strange credibility. i was glad to hear mr. marcus say that when a third party while came around and people to use thet facebook product and want to use a third party, they would be willing to transfer the keys, transfer the data, do the technical transfers to t

what are you expecting to hear from david marcus? >> i think the approach they have taken throughout bringing libra to market has been one of being collaborative and open. i expect what you will hear from them, which we have been hearing for a while now, is that they want to work with regulators and they want to make sure they protect consumers, that they are developing this out in the public. as we think about libra as we know it today, they have actually chosen to share a lot of details of the project before even launching it. what we heard in the middle of june was the unveiling of a white paper well in advance of when they planned to reduce the protocols. i would predict it will have a collaborative tone. and it will express a desire to work with central bankers and policymakers. emily: are you optimistic about it, if it actually launches in a year? >> the announcement recently was a little bit more of a pregnancy announcement than a birth announcement. i think it is incredibly admirable what they are attempting to do. also, they

david marcus ceo. following his testimony a faneuil of experts on facebook plans. serious concerns with the plans. expanding the reach like mastercard. huber, lift and spot a five facebook is trying to have a new global financial system to rival the u.s. dollar. this venture is slated to be based in switzerland which has a history of a monetary haven. facebook plan serious privacy trading. the policy concerns. not only for facebook over 2 billion users we will have immediate access to these products. also for consumers, investors in the global economy. in addition, facebook has has proposed with government currencies and government guaranteed securities and holding them for the so-called libra reserve to be governed by's facebook and its partners. i want to shift our government assets on such a massive scale with our proper oversight threatening to concentrate government influence in the hands of a few elites. ultimately, facebook's plans coming to fruition. the company and the partners will yield immense economic power that could destabilize currency. currencies a

david marcus made the comments in a prepared statement ahead of an appearance in front of the senate banking committee elizabeth has been following this closely everyone is weighing in on this topic. for the most part it looks like most policymakers are viewing it with a certain degree of caution. >> we heard a lot of skepticism from policy americas jerome powell saying last week he has serious concerns. yesterday we heard from u.s. treasury secretary steven mnuchin saying he has serious concerns about facebook's planned cryptocurrency called libra. david marcus, who is overseeing this project at facebook, emphasized he wants to work with regulators on this project before it launches that might mean it could be pushed back later, no longer next year. who knows. we have not heard official remarks on the date. but trying to say this is not just a facebook effort we are also working with dozens of other companies on this we want this to be successful. we know we have to work hand in hand with regulators to do that. >> if you look at this, there are multiple concerns being raised it's no

facebook executives david marcus basically the head of the libra project will answer questions from the senate banking committee, president trump and federal reserve chair jay powell have already raised serious concerns about facebook libra projects. now treasury secretary steven mnuchin says he has his own reservations. >> cryptocurrency sughs bit coin have been exploited to support billions of dollars of illicit afnght like cybercrime, tax evasion, extortion, ransomware elicit drugs, human trafficking. mnuchin says facebook has, quote, a lot of work to do to convince regulators that libra will have the proper anti-money landering safeguards in place. staying with tech facebook board member an paypal cofounder has been warning about dangers of big tech power. we told you yesterday how he's calling google a possible threat to national security and last night he told fox news tucker carlson why. >> the weird fact that's in disputable on the break through the technology. that's the question i think -- i think one explanation is they figure they have to because they'll get -- if they don't

facebook executive david marcus was forced to answer questions not just on the crypto currency but serve as a vessel for lawmaker frustrations over facebook overall -- russian interference, discrimination against conservatives, questions about data breaches and privacy. democratic senator brian shot said facebook should focus on fixing those problems first. >> why are you moving on to a new and challenging thing other than silicon valley which causes you to get bored with your own thing and try to move into a new line of business the question is not would it be great to eliminate credit card fees the question is not should the united states lead in this area. the question is why facebook >> lawmakers also did address issues such as the overall payment structure, the tax liability of anyone who might hold libra as well as how facebook eventually intends to monetize this. david marcus said making money is not the goal in the short term the goal is to serve users that prompted a very incisive question from john denkennedy. he said, don't you guys have shareholders >> i'm happy to have someb

. >> the head of colibra david marcus defending what facebook has done with privacy breaches, selling customers data and slow to react to russian agents trying to affect the election. >> why in the world should facebook of all companies given the last couple of years do this? >> senator, because we have the ability and the means to innovate on behalf of the people we serve and we shouldn't, we shouldn't stand back and wait to do it if we can help the very people that we want to serve because we have the resources and the engineering talent, i believe we should. reporter: it wasn't just democrats. republicans also very concerned about facebook's problems with privacy in the past. senator martha mcsally list ad few concerns, downloading customers pictures, selling customers data without permission to third party. >> how do we know you will actually do that based on your track record of failing and violating and deceiving in the past? >> we've been working really, really hard on addressing the issues. some of them you have raised. we have invested incredible resources in election integri

david marcus came out and said it is the end of western union. that is an assault on the financial sector, and we have taken the opposite approach, let's work with the system. regulations work at that point. we cannot paint this one big broad brush, particularly at the u.s. government level where you have technologies controlled by chinese miners. emily: you work with a lot of banks. what do they think of the libra association? and would you ever work with the libra association? brad: i think what you saw happening, a lot of people signed up, the 28 members signed up, it was just an loi, no money changing hands, no hard commitment. they wanted to have a seat at the table. they wanted to hear what was going on. i would be interested to see if the 28 who signed up continue to participate. yeah, i think it is too early to tell. but i do think it was very noteworthy that there weren't any banks or financial institutions as a part of that 28. it is an assault on that system, which is ambitious, to say the least. emily: there have been reports that the

marcus also calls economic empowerment one of facebook's core values. that's why they're participating in the development of this currency he says and emphasizes that libra will be a payment tool and not an investment. he likens it to cash rather than to boyitcoin but he also lays out the danger of failing to act. he says that if the u.s. and facebook does not take the lead on this issue, we could soon see a digital currency controlled by others, whose values are dramatically different so there you see david marcus agreeing that the organization that will create this digital currency will be subject to regulatory review, acknowledging that there will be a long and involved process in putting this together and that's a testimony that we will hear from him tomorrow. we will see exactly how hard he gets pressed by lawmakers. we know they've been very skeptical and will have a lot of questions for him. back over to you >> ylan, we've been wondering what facebook's response would be to a week plus of criticism thank you, ylan mui joining us to talk about tha

david markets in the hot seat. -- david marcus in the hot seat. you can keep watching using the bloomberg function alive go and follow around for analysis on our live blog. we will return to the hearing shortly. first we want to check in on how europe is faring. a couple of seconds left in the days trading. it is red across the board. indices and all of the european countries are lower. .3%, the cac 40 down .8% and the ftse 100 down .6% as well. plenty of reasons for this drop. we are seeing yields drop as well. let's get the some of the individual stocks moving markets. the maker of dialysis machines is one of the biggest drivers on the dax. trying out one of its new dialysis machines. dialysis is a massive industry in the united states. if cvs were able to provide these machines, that would adversely affect the other companies. one of the luxury stocks higher after burberry reported -- most analysts, the luxury stocks are doing well. 100,ial brands in the ftse even though the index at large is lower. capitalallocating some toward the blue smokel

reporter: the head of facebook's colibra, david marcus says they will follow all government regulations to make sure libra is safe to use. they will move slowly to implement the currency and hopes to connect people with 90 million businesses facebook interacts. the company will have 100 partners with not one with a majority. there will be more hearings as their questions were not fully answered. ashley: a lot of fire. owed ward, thank you very much. melissa: what could possibly go wrong, facebook heading that. over in the house, facebook and google getting grilled over the antitrust concerns. is this the first wave of hearings by congress into big tech? hillary vaughn on capitol hill, is it just building, hillary? reporter: melissa, all the companies making their case today, they do have competition, they went so far name drop some of those to lawmakers. facebook or google saying they compete directly with amazon, yelp, microsoft and travelocity for competition in search. facebook saying they compete with snapchat, skype, tell gram, youtube, ticktock. they offer video and messaging serv

my name is david marcus. life i have been an entrepreneur, building products aiming at improving people's lives. for many years, my focus has been financial services. i became paypal's president after it acquired my start up and i moved to facebook five years ago to run messenger and more recently to lead blockchain efforts. in my written testimony i describe the mechanics of libra. today i want to explain why i am optimistic about what libra can offer the world. before i get there, i want to make clear, we recognize we are only at the beginning of this journey. federal reserve chairman powell has said publicly that the process for launching libra needs to be patient and thorough rather than a sprint to implementation. secretary mnuchin reinforced those views yesterday. we strongly agree with both of them. we will take the time to get this right. we expect the review of libra to be the most expensive ever. we are fully committed to working with regulators here and around the world and let me be clear and unam