Fb chief govt Mark Zuckerberg has agreed to testify earlier than the US Congress on the social media big’s plans to launch the Libra cryptocurrency, following strain from lawmakers.
The Home Monetary Providers Committee is predicted to grill Zuckerberg with questions on Fb’s influence on each monetary companies and housing sectors on the listening to on October 23. Committee chairwoman Rep. Maxine Waters, D-Calif., and different lawmakers have beforehand expressed considerations about Libra and its potential to masks fraud, abuse and cash laundering.
Rep. Waters and different Democrats on the committee despatched a letter to Fb in July to request a moratorium on its cryptocurrency plans, together with digital pockets Calibra.
Zuckerberg would be the sole witness on the listening to, based on a information launch. The social media big had initially agreed to ship Fb chief working officer Sheryl Sandberg to the listening to.
Fb spokesman Andy Stone mentioned that Zuckerberg is trying ahead to testifying. Erica Loewe, a spokeswoman for Rep. Waters, declined to remark.
Fb introduced Libra in June, positioning the cryptocurrency as device that may empower the corporate’s billions of customers, notably these with out entry to a financial institution. However in a uncommon present of bipartisanship, lawmakers have expressed doubts that an organization with a observe file that features Cambridge Analytica and different information scandals needs to be trusted to alter the worldwide monetary system.
In response to the backlash, Fb has mentioned it can delay Libra’s launch till US regulators are comfy with the proposal.
Federal ethics reviews present that the corporate has additionally employed quite a lot of new lobbyists with ties to the lawmakers who serve on banking and monetary committees.
© The Washington Put up 2019
For the most recent tech information and opinions, comply with Devices 360 on Twitter, Fb, and subscribe to our YouTube channel.