Posted 2 years ago | by Bethany Armstrong
Mark Zuckerberg will testify about Libra Association before Congress in two weeks.
The United States Congress has not been shy about criticizing Facebook's Libra Coin project. The social media's cryptocurrency project has been under significant scrutiny. One of the major concerns from US Leaders has been the security and privacy of 2.7 billion Facebook users.
On Wednesday, The House Financial Services Committee announced that Mark Zuckerberg will testify. Zuckerberg will be the only individual to testify; there had been speculation that Facebook COO Sheryl Sandberg would be the only to testify.
Zuckerberg will be the only witness at the hearing which is scheduled for October 23, 2019 at 10 a.m. ET. The hearing is entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”
This announcement comes after PayPal announced it was withdrawing as a Libra Association member. MasterCard and Visa are also beginning to reconsider their involvement with the Libra Association.
Congresswoman Sylvia Garcia, D-Tex. has been very vocal about calling on Mark Zuckerberg to testify. CNBC reports that Garcia indicated that PayPal's weekend withdrawal is “a clear indication that something’s amiss,” but said she had already been concerned that Facebook seemed to essentially be able to choose its founding partners.
“If I’m doing the inviting, then that’s controlling the entire agenda,” she said.
The US politicians are not the only ones to heavily criticize the Libra project. The European Union recently submitted more in-depth questionnaire to the Libra Association. The EU has been vocal about their concerns about Libra. Specifically, the EU has highlighted concerns about money laundering, financial risks, and data privacy risks.
The Libra Association is scheduled to launched the Libra coin in 2020.