Zuckerberg to testify before Congress – update on Libra


After the solid rumours that Facebook’s Libra is going to be postponed for 2020, Zuckerberg is now facing Congress on the 23rd of October. With that there were also speculations that the COO of the company, Sheryl Sandberg may also testify regarding the project.

The information comes directly from CNBC. Mark Zuckerberg will be the only witness at the upcoming hearing, which is entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors”. Apparently, House members were pushing Facebook’s ceo to testify regarding the Libra project. The committee also had plans to put Mrs. Sandberg on the stand.

The Committee Chairwoman, Maxine Waters, has already expressed disappointment with Facebook’s cryptocurrency chief, Mr. David Marcus for delaying Facebook’s initial plans for the project. Waters has also expressed her concerns about the regulatory issues that Libra might pose and has been following the issue closely.

On the other hand, PayPal was the first member of the Libra Association to leave the project, stating that at this point they will focus on their core business and continue their partnership with Facebook. The fear is that others may follow in the footsteps of PayPal.

This is probably why Zuckerberg has agreed to testify. He previously declined to testify as, according to a July staff meeting recording, Zuckerberg  just didn’t see the point of doing so, as he can’t respond to all hearings in all countries he is called upon. However, his agreement to testify and to give answers to House members is a testament that the company seeks to see Libra launch in the near future with the “blessing” of regulatory bodies.

Related News

Zuckerberg to testify before Congress - update on Libra

Send this to a friend