Brian Fung | @[email protected]

Brian Fung | @[email protected] @b_fung

He also adds that data from Libra will be kept separate from Facebook social data. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Marcus says that when the Libra network eventually transitions to a permissionless system, it’s the Libra association that’ll be accountable to FINCEN and anti-money laundering regulations. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

David Marcus is up. "We will take the time to get this right." — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Yikes. Waters is directly comparing Facebook’s privacy and data mishaps to the harms caused by Wells Fargo and Equifax. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Rep. Maxine Waters opens the hearing, saying she has “serious concerns with Facebook’s plans” to create a digital currency “intended to rival the U.S. dollar." — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Today is round two for Facebook and Congress as the House Financial Services Committee prepares to grill FB’s David Marcus on Libra. Watch here: https://t.co/Sv1ScUOIQg — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

@theglipper Orzo you think! — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

@theglipper A penne for your thoughts, Greg — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

So close yet still so farfalle — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

A day after US lawmakers pressed Amazon on how it uses third party seller data (perhaps to advantage its own products), the EU is launching an antitrust investigation into that very issue, per @Hadas_Gold: https://t.co/osim3BNRAI — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

DOJ, citing Qualcomm’s importance to national security and 5G, has asked a federal appeals court to pause enforcement of the FTC-Qualcomm ruling: https://t.co/xyAjDH6ybO — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

And we’re back. The tech companies have been dismissed and we’re onto the second panel, consisting of outside academics, industry groups and former government officials. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

@kaepora @davidmarcus No sweat! — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

@kaepora @davidmarcus If you go higher up in the thread, you’ll see I’m talking about the House Judiciary antitrust hearing. I *do* think the senators asked a broad range of relevant questions of Marcus. The hearing in the House has been a bit different. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

@kaepora @davidmarcus I’m confused at what you’re saying. I think you’re saying I’m saying the questioning of Marcus was weak? That’s not what the tweet says. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

RT @donie: NEW: Sen. Kamala Harris claims her campaign is being targeted by Russia bots, but verified evidence to support that claim has ye… — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

We’re in a 10 minute break as members head to votes. So far the most pointed questioning from some members pertains to Amazon’s relationship with third-party sellers, Facebook’s ownership of many of the biggest social media sites and how it identifies targets for acquisition. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Raskin says the committee has heard from many companies who fear retribution from the big tech companies if they were to speak out publicly. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Rep. Neguse ticks off the largest social media platforms and notes they’re all owned by Facebook. “When a company owns 4 of the largest 6 entities measured by active users in the world, in that industry, we have a word for that: It’s monopoly. Or at least, monopoly power." — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

An hour in, this hearing is much closer in nature to the infamous Mark Zuckerberg hearing than this morning’s Libra hearing. Members have asked about 1) Why people watch Fortnite streams; 2) Apple’s iCloud promotions; 3) how frequently Facebook updates its terms; 4) MySpace — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

When pressed, Sutton finally says "we don’t use individual seller data to compete with them.” So… how about aggregate seller data? — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Cicilline is pressing Amazon hard on its claims that it doesn’t use data to advantage its own products over those of third party sellers. Sutton appears to be squirming under the spotlight. Cicilline reminds him repeatedly he’s under oath. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Jayapal asks Amazon whether it watches third-party sellers to see which of their products are most popular and then introduces those products itself to compete. Amazon says "popularity data is public” and that “we do not use any of that data to create private brand products." — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Rep. Jayapal is zeroing in on Facebook, asking whether it tries to identify promising potential competitors as acquisition targets. Facebook’s Perault insists the company just buys startups that’ll “enable us to innovate more effectively." — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Is Sensenbrenner seriously implying that because we didn’t hear MySpace crying foul then, that there is nothing to worry about now? — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Sensenbrenner is pursuing a weird line of questioning of Facebook, asking what Facebook may have done to outcompete MySpace (!!!) and whether MySpace ever complained about anticompetitive behavior. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

RT @davidshepardson: Aug. 1 hearing set in Sprint T-Mobile State AG lawsuit https://t.co/vG0FKdESQe — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

A common theme both here and elsewhere is how frequently the tech giants under scrutiny directly or indirectly reference *each other* as examples of vigorous competition. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Rep. Sensenbrenner, the top Republican on the panel, is first to invoke the concept of a tech breakup but says the idea is “misguided” because it might not actually fix problems like bad privacy practices. — PolitiTweet.org

Brian Fung | @[email protected] @b_fung

Cicilline borrows a line from Sen. Warren, saying Apple operates as both “player and referee” in its own app store. — PolitiTweet.org