Facebook CEO Mark Zuckerberg will appear before the House of Representatives Financial Services Committee on 23 October to explain the firm’s ambitious plans for creating the Libra stablecoin project.
The official announcement of the congressional hearing was released on 9 October by Congresswoman Maxine Waters, revealing that Zuckerberg will attend the hearing titled ‘An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors’.
Waters and others sent the request for an immediate moratorium on the implementation of proposed cryptocurrency Libra along with the digital wallet Calibra in July.
The announcement also referred to the draft bill titled ‘Keep Big Tech Out of Finance Act’, drafted primarily to keep large tech firms away from financial institutions in the US. The announcement added:
“The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed, or registered as a U.S. financial institution (e.g., taxpayer-backed banks, investment funds, and stock exchanges) or otherwise becoming affiliated with such financial institutions.”
In July 2019, Calibra CEO David Marcus argued on the potential advantages of Libra before the House Financial Services Committee and the Senate Banking Committee. And in late September, he also published a critique of the existing payment systems such as SWIFT and RT1.
On 26 September, Zuckerberg reassured everyone that his firm is taking a cautious approach to Libra than some of its previous projects.
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