Published: Thu, October 10, 2019
Markets | By Otis Pena

Mark Zuckerberg to testify again before Congress

Mark Zuckerberg to testify again before Congress

Zuckerberg is likely to be peppered with critical questions from lawmakers skeptical of Facebook's efforts to help launch a global cryptocurrency called Libra.

A Facebook spokesperson told Business Insider that Zuckerberg "looks forward to testifying before the House Financial Services Committee and responding to lawmakers' questions".

Facebook Inc. Chief Executive Officer Mark Zuckerberg will testify before a key congressional committee that deals with the finance industry later this month, the latest sign of rising opposition to the social media giant's plans to create a cryptocurrency.

The House Financial Services Committee is expected to grill Zuckerberg with questions on Facebook's impact on both financial services and housing sectors at the October 23 hearing.

David Marcus, the Executive Head of Facebook, spoke on the digital currency undertaking, defending the proposal for over 2 hours during a meeting with Senate Banking Committee and spoke that the cryptocurrency would in no way be inaugurated in the absence of regulatory authorization.

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Rep Maxine Waters, the Democrat who chairs the panel, has been fiercely critical of Facebook, calling on it to halt its Libra project, which the company has said would launch in the middle of 2020.

France and Germany have already been bashing Facebook Libra and now Europe as a whole is critical of the stablecoin project.

Lawmakers are also concerned that the coin might be used to bypass money-laundering rules or that it could undermine government control over the flow of money.

Mark Zuckerberg is heading to the Hill, again.

In response to the backlash, Facebook has said it will delay Libra's launch until USA regulators are comfortable with the proposal. Zuckerberg lately came back to D.C. for his initial visit after his statements in 2018 regarding the Cambridge Analytica scandal.

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