Mark Zuckerberg
Mark Zuckerberg to Testify Before Congress Over Libra Crypto
October 10, 2019
Mark Zuckerberg
Mark Zuckerberg to Testify Before Congress Over Libra Crypto
October 10, 2019

Mark Zuckerberg, the CEO of Facebook, is going to defend the Libra cryptocurrency project before U.S. lawmakers later this month.

It has been announced by the House Financial Services Committee on October 9 (Wednesday) that Zuckerberg will testify on October 23 during a hearing, titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” He will be the only witness.

However, Wednesday’s press release noted that Committee Chairwoman Maxine Waters (D-Calif.) have drafted the “Keep Big Tech Out of Finance Act.” Earlier, Waters had called for Facebook to halt the development of Libra until lawmakers’ concerns were addressed.

The Wednesday’s release said:

“The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed or registered as a U.S. financial institution. The bill also prohibits large platform utilities from establishing, maintaining, or operating a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function as defined by the Federal Reserve.”

Likewise, this month’s hearing will be the third held by Congress: the House Financial Services Committee and the Senate Banking Committee both discussed Libra on July 2019. Thus, David Marcus, the Facebook blockchain lead testified on the potential benefits of the project at the time.

Libra Creates Shadow Banking System

During those hearings, lawmakers were openly skeptical about Facebook’s efforts, pointing to its past track record with data privacy and other issues as concerns.

ALSO READ :  Indian Prime Minister Modi Awards 18 Year Old On Creating A Cryptocurrency Tracking App

The regulatory backlash around Libra has also concerned Facebook’s launch partners. PayPal, which Marcus previously led, pulled out of the 28-member governing association last week. Similarly, Visa and Mastercard are also reportedly concerned about the possible impact of continuing with the project.

Senators Brian Schatz and Sherrod Brown, both the members of the Banking Committee, went far to warn the CEOs of Visa, Mastercard and Stripe on October 8 (Tuesday), writing that participating in Libra Association could open them up to further regulatory scrutiny.


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin Car Will Be Racing In Indianapolis 500 In May

Bitcoin car, the car branded with the Bitcoin logo, will be racing in circles against 32 others in this month’s Indianapolis 500. It has been reported by Jack Mallers, the CEO of Zap, that US racing driver Ed...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.