Rep. Soto Expects Hearings on Facebook's Libra This Year

The transcript covers a discussion on the blockchain caucus in Congress, its mission to promote technology and integrity, and the role of blockchain. It also delves into Facebook's cryptocurrency efforts, the legislative challenges they face, and the need for proper regulation. The conversation touches on privacy concerns related to big tech companies like Amazon and Facebook, and the ongoing efforts to create effective privacy legislation. Finally, it highlights the importance of education and hearings in Congress to address these complex issues.

What is the primary mission of the blockchain caucus in Congress?

• To promote blockchain technology and integrity on the Internet

• To regulate social media platforms

• To ban the use of blockchain in the United States

• To create a new cryptocurrency for Congress

Why is it important for Congress to understand blockchain and cryptocurrency?

• To ban all digital currencies

• To support traditional banking systems

• To create new social media platforms

• To ensure the U.S. leads in technology development

What is the main challenge faced by Facebook in launching their cryptocurrency?

• Technical difficulties in development

• Getting the legislation right

• Opposition from other tech companies

• Lack of interest from users

Which acts are mentioned as part of the legislative efforts to define cryptocurrency?

• The Internet Security Act and the Data Privacy Act

• The Cryptocurrency Regulation Act and the Blockchain Act

• The Financial Services Act and the Consumer Protection Act

• The Digital Taxonomy Act and the Token Taxonomy Act

Which agencies are involved in the regulation of cryptocurrency?

• NASA and FDA

• EPA and OSHA

• FBI and CIA

• CFTC and SEC

What is a major concern of constituents regarding big tech companies?

• Their support for small businesses

• Their growing power and control over data

• Their ability to innovate

• Their contribution to the economy

What is the role of hearings in Congress regarding cryptocurrency and privacy?

• To delay the legislative process

• To educate members and gather information

• To promote specific companies

• To finalize legislation without public input