Zuckerberg testifies on Capitol Hill as Facebook faces Libra scrutiny


Facebook is trying to get Libra off the ground as a new form of digital currency that will let people pay for goods and services more easily online.

"I get that I'm not the ideal messenger for this right now".

"At the Federal Reserve, we will continue to analyze the potential benefits and costs of central bank digital currencies, and look forward to learning from other central banks", Lael Brainard, a member of the Fed's board of governors, said in a speech last week.

Throughout today's hearing, Zuckerberg reiterated that Facebook is based in the us and considers itself an American company.

Zuckerberg is striving to defend Libra and alleviate concerns that the currency could sidestep regulators.

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But, the North Carolina congressman said, while he had some qualms about Libra he considered it "better to be on the side of American innovation", expressing hopes that Facebook's ambitions wouldn't lead to "comic results" of overly burdensome regulation from Washington lawmakers.

But he added that what he thinks the two most share in common "is you both challenge the status quo". This settled with a group including the American Civil Liberties Union, the National Fair Housing Alliance and others, but Facebook still faces an administrative complaint filed by U.S. Department of Housing and Urban Development.

Zuckerberg insists in his testimony that Facebook does not want to skirt regulators in establishing Libra, and says that the product would not launch anywhere in the world until all United States regulators are satisfied.

"Of course, as a big company, we're not going to do something that isn't regulated or is decentralized", said Zuckerberg, apparently contradicting the original mission statement for Libra.

Since publishing a white paper detailing the plans for its Libra cryptocurrency project, Facebook has faced fierce pushback from politicians and regulators, prompting several early backers - including Visa, Mastercard, PayPal and Stripe - to pull out.

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Mr Johnson will then write to the European Union requesting a Brexit delay if Parliament does not approve a deal on Saturday. A supply stated: 'It's good to see progress, however we are going to wait to see if it is a real breakthrough.

In another face-off, Rep. Al Green, D-Texas, pressed the CEO about the minority representation in Libra's projects.

During questioning, Zuckerberg noted that a major competitive threat is coming from a Chinese public-private partnership and that "they are very focused on building this and exporting it around the world".

There is concern among regulators that the massive reserve created with money used to buy the new currency could supplant the Federal Reserve and destabilize the global financial system, and that consumers could be hurt by Libra losses.

In 2018, when Zuckerberg spent two days testifying before Congress on privacy, competition and a host of other issues, his notes cited competition from China as a reason against breaking up Facebook. A probe by state attorneys general to investigate possible antitrust abuses now counts 47 participants, New York Attorney General Letitia James said Tuesday.

Sen. Elizabeth Warren of MA, a leading Democratic presidential candidate, has advocated breaking up Facebook and other tech behemoths.

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"Are you telling me. you plan on doing no fact-checking on political ads?"