Facebook CEO Mark Zuckerberg has agreed and is all set to testify before the US Congress on its plan to launch the Libra cryptocurrency after pressure from lawmakers.
It is speculated that at the hearing on 23rd October 2019, the House Financial Services Committee will ask the CEO questions regarding the impact of Facebook on the financial services as well as housing sectors.
Committee chairwoman Rep. Maxine Waters, D-Calif. along with other lawmakers have earlier expressed their concerns about Libra and its potential to disguise fraud, abuse, and money laundering.
In July, Rep. Waters along with other Democrats on the committee sent a letter to Facebook requesting a moratorium on their cryptocurrency plans, along with the digital wallet Calibra.
According to the news release, Mark Zuckerberg will be the only witness at the hearing. The famous social platform actually agreed to send Sheryl Sandberg- the chief operating officer of Facebook to the hearing.
Facebook spokesman Andy Stone said that Mark is looking forward to testifying. While Erica Loewe, a spokeswoman for Rep. Waters, refused to comment.
In June 2019, Facebook announced Libra saying that the cryptocurrency will stand as a tool that will empower the billions of users of the company, especially those who do not have access to a bank.
But lawmakers said in a rare show of bipartisanship while expressing their doubts that a company having record such as Cambridge Analytica and other data scandals should be trusted and given a chance to change the global financial system.
Facebook said in response to the backlash that it will delay the launch of Libra until and unless regulators are comfortable and agrees with the proposal.
According to the Federal ethics reports, the company has also hired several new lobbyists with ties to the lawmakers who serve on banking and finance committees.