Facebook won’t commit to small Libra program

Facebook is moving forward on an ambitious plan for a new digital currency and won’t commit to U.S. lawmakers’ requests that it start small.

Facebook executive David Marcus, who’s leading the Libra currency project, tried to dodge a question Wednesday during a hearing of the House Financial Services Committee.

Marcus was asked by New York Democratic Rep. Carolyn Maloney if Facebook would commit to doing a small pilot program first to address numerous concerns from U.S. officials, both Democrats and Republicans.

Marcus says Facebook will launch the project responsibly and make sure there’s “appropriate oversight.”

Maloney says if Facebook can’t commit to a pilot test, “Congress should seriously consider stopping this project from moving forward.”

Maloney’s concern is part of a broader shift among lawmakers, many of whom see Libra as an inherent overreach in Facebook’s power, which will be a problem no matter how carefully it’s executed.

That view has inspired a number of bills from Democrats that would seek to outlaw Libra before it can launch. Rep. Maxine Waters (D-CA), who chairs the House Finance Committee, has previously called for Facebook to place development of the currency on hold. Earlier this week, her office circulated a draft bill that would block the project entirely.

Not every lawmaker was so hostile. “We do not want to stifle innovation,” said Rep. Nydia Velázquez (D-NY), “but we do have a healthy dose of skepticism.”