Facebook CEO Faces Congress Over Controversial Libra Cryptocurrency Plans
Mark Zuckerberg testifies before the House Financial Services Committee to address concerns about Facebook's planned Libra cryptocurrency. Lawmakers demand clearer answers after finding previous testimony from the project's lead executive unsatisfactory.
Facebook CEO Mark Zuckerberg appears before the House Financial Services Committee to address the company's planned Libra cryptocurrency. This high-profile hearing follows a previous session in July where lawmakers expressed deep disappointment over vague answers provided by David Marcus, the executive leading the Libra project.
In his prepared opening remarks, Zuckerberg devotes significant time to discussing Facebook's civil rights initiatives and diversity record. He also attempts to frame the Libra project as a tool that bolsters national security rather than a financial risk.
Following his opening statement, Zuckerberg fields tough questions from committee members regarding the potential risks and regulatory implications of the digital currency. The public can watch a live stream of the ongoing hearing directly on YouTube to follow the latest developments.