i look forward to your questions >> thank you, mr. gensler. mr. weissmann, you are now recognized for five minutes to present your oral testimony. >> thank you very much madame chair and both you and mr. mchenry for holding this hearing so quickly after the facebook announcement and treating this issue with the seriousness and thoughtfulness and care that it deserves. facebook is not making this proposal because it is interested in competing with western union. facebook is making this proposal because it wants to be in the middle of as many transactions that occur across the planet as possible. if you can get all of them, it will take that. that is a serious business this committee absolutely must be paying attention to. i want to raise three particular concerns with facebook's proposal that i think could be ameliorated with extremely aggressive regulation but not cured. before i do that, i want to make a point that follows on from what mr. gensler just said. facebook as a company cannot be trusted. i mean that in two senses. first, facebook has r

why don't i addresses to mr. gensler. we have a problem people in los angeles are sending money to their grandparents in guatemala. and they are being charged a large percentage to do that. so how is a guatemalan grandmother supposed to buy a bag of food for a bunch of zuck buck's? we are told if we do not buy into this wonderful new thing that we are disadvantaging that grandmother is it really a solution for her? >> we found that the coin is not being used that much in retail transactions for the exact reasons that you mention. and certainly not in rural guatemala. so service provider has behind the scenes libra or the zuck buck would be traded for local currency so that the store owner could get it currency and there would be crypto exchange. >> it sounds just as expensive as what is going on it now. i yobak. >> the gentleman from michigan is wreck nice for five minutes. >> thank you for being here. i have to tell you that i am learning a tremendous amount. the young people on my team have been watching this closely. n

gensler mine - - calibra? >> this is a nuanced answer if your question is we will invent other wallets inside of messenger the answer is no but if you are asking if other wallets will have full interoperability that you don't have to use that to send or receive money then the answer is yes that is different than putting preferential treatment i did not get to the question around third-party developers having concerns getting access but i think your questions is one of the reasons we need to take a great deal of time. thank you. >> thank you mister chairman. mister marcus thank you for appearing before us today i just want to take a moment with the division of banking for their forward thinking and allowing us to have innovation in the currency space. anchorage just received permission to have a south dakota chartered trust company things to the friendly climate in my state and has chosen to open the second headquarters in sioux falls south dakota the significance of this is far beyond the borders as a model ho

so how is this -- i want to address this to mr. gensler. we have a problem in that people in los angeles are sending money to their grandparents in guatemala and they are being charged the 7%, 8% sometimes to do that. how is a guatemalan grandmother supposed to buy a bag of food for a bunch of zuck bucks? we're told if we don't buy into this wonderful new thing that we're disadvantaging that grandmother, but is this cryptocurrency really a solution for her? >> so what we found is bitcoin for all of its really innovations isn't used very much in retail transactions for the same reason you're mention things. >> and certainly not in rural guatemala. >> what would have to happen is some service provider would provide the technology so that behind the scenes the libra or the zuck buck as you referenced would be traded for the local currency so that the store owner could get the local currency and there would be some crypto exchange or hedge fund -- >> sounds every bit as expensive as what's going on now. i will yield back. >> thank you. the gent