Facebook CEO, Mark Zuckerberg is asked to appear before the U.S. House Financial Services Committee on 23rd October to testify about the plans of their cryptocurrency-Libra. The social media giant is facing troubles with the U.S. lawmakers over the cryptocurrency project and advertising policies.
This will be the first appearance before the U.S. committee since April 2018 though last month; he met with the lawmakers privately on Capitol Hill. Zuckerberg will likely be asked many critical questions by lawmakers about the digital currency, how it will be operated, and how it will affect the financial services and housing sector.
Earlier in March, Facebook was charged by the federal government for violating the fair lending laws stating that the company sold advertising that was discriminatory in many ways. Rep. Maxine Waters, the Democrat who is part of the panel, has been critical of Facebook and its project as she asked them to stop any further development on the project.
PayPal Holdings Inc. decided to leave the project, and the testimony by Zukerberg will give this project a new direction. The times are crucial. The project is facing skepticism from global regulators as well as wonder what a massive cryptocurrency backed up by billions of people would mean for the financial system.
Facebook has confirmed that Mark will testify, which makes this the world’s biggest social media company facing the resistance not only from the Congress but from the Federal Trade Commission and a bunch of state attorney generals as well.