Rep. McHenry: Hearing Is 90% Facebook, 10% Digital Currency

The video discusses Facebook's involvement in cryptocurrency, focusing on the Libra project. It highlights the trust issues and privacy concerns associated with Facebook, the role of the Libra Association, and the jurisdictional and regulatory questions surrounding the project. The discussion emphasizes the need for a deeper understanding of digital currencies and the potential impact of regulatory decisions.

What is the primary reason for skepticism towards Facebook's involvement in cryptocurrency?

• The complexity of digital currencies

• Facebook's past privacy issues

• Lack of understanding of blockchain technology

• The novelty of the Libra project

How is Facebook attempting to address trust issues with its Libra project?

• By partnering with governments

• By increasing user privacy settings

• By forming a consortium

• By launching a marketing campaign

What is a potential reason for the Libra Association being based in Switzerland?

• To distance from Facebook's headquarters

• To attract European investors

• To leverage Switzerland's regulatory structure

• To avoid U.S. taxes

What is a key concern regarding the jurisdiction of the Libra Association?

• The regulatory authority over the association

• The potential for increased taxes

• The impact on global trade

• The influence of European laws

Why might some view the criticism of Facebook's Libra project as premature?

• Because the project has government backing

• Because Facebook has a strong reputation

• Because the project is still in its early stages

• Because digital currencies are widely accepted