Zuckerberg to Testify Before Congress Regarding Libra Stablecoin

US Senator Cautions Mastercard Visa over Libra Involvement

US Senator Cautions Mastercard Visa over Libra Involvement

Zuckerberg will be the sole witness at the hearing, which is entitled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

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. The company agreed in a legal settlement in March to overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads. Waters and other top Democrats sent a letter to Facebook in July calling on the company to halt its implementation of the cryptocurrency, and Waters has voiced "serious concerns" with Libra.

Waters has called Libra "a new Swiss-based financial system" that potentially is too big to fail and could require a taxpayer bailout.

Paypal has also backed off from the Facebook Libra project bidding them warm wishes and being a trusted and established brand that has its own implications.

Whereas, the French economy, along with the finance minister Bruno Le Maire instructed that given the existing conditions, Libra presented a risk to the government's financial independence and hence was not approved in Europe.

The move comes in the wake of global distress and outcries over Facebook Libra, and Zuckerberg has been called forward to testify on the Facebook Libra cryptocurrency project and its implications.

The association is composed of a group of 27 members including Facebook and the payments companies, as well as a swath of tech companies like Uber Technologies Inc., telecom providers Iliad SA and Vodafone Group Plc, and cryptocurrency companies like Coinbase, Inc. He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged. He also met with the House Intelligence Committee to discuss ways to prevent foreign actors from disrupting next year's elections.

It's relatively rare for Zuckerberg to agree to testify in public hearings.

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