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Facebook to testify on Capitol Hill about its cryptocurrency plans: Morning Brief

Tuesday, July 16, 2019

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WHAT TO WATCH

Social media giant Facebook ( FB ) heads to Capitol Hill and will face lawmakers for two days of testimony. This time, not for its misinformation woes or data privacy concerns, but for its bold new cryptocurrency ambitions.

At 10 a.m. ET, David Marcus, head of Facebook’s Calibra project, will testify in front of the Senate Banking Committee. He is expected to defend Calibra and the planned digital currency Libra. In his prepared remarks , Marcus said, “We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”

Marcus’s testimony comes on the heels of a quickly growing list of cryptocurrency critics, which include policymakers, regulators and even the president.

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TOP NEWS

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Number of employed in UK falls as Brexit takes its toll on the economy : Britain’s record jobs boom is under strain as official figures show the employment rate falling in recent months. The official employment rate dropped by 0.1% to 76% between March and May compared to February and April, according to Office for National Statistics (ONS) data published on Tuesday. [Yahoo Finance UK]

Also: UK wages are rising at the fastest pace in over a decade [Yahoo Finance UK]

Tesla cuts prices to simplify lineup : Tesla Inc. ( TSLA ) has dropped the standard-range variants of its Model X and Model S from its product lineup and adjusted prices across its range, in a sales push that comes days after the U.S. electric vehicle maker reported record deliveries. [Reuters]

Bayer shares up 1.8% trade after U.S. Roundup rule : Shares in German chemicals company Bayer rose 1.8% in early trade on Tuesday after a U.S. judge slashed a damages award Bayer owes a California man who blamed its Roundup weed killer for his cancer. [Reuters]

Jeffrey Epstein’s $559 million worth of assets, itemized : It looks like convicted sex offender and “billionaire” financier Jeffrey E. Epstein is not a billionaire after all. A court docket published on Monday puts his total assets at $559.12 million, well short of $1 billion. [Yahoo Finance]

Also: Epstein attended the 'Billionaires' Dinner' and now his presence has been scrubbed [Yahoo Finance]

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