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Mark Zuckerberg Gives Testimony to Congress on Libra Cryptocurrency

In the recent times, Facebook has been in hot waters over its endless controversies, During the time, Facebook has not only lost the trust of its users but many senators as well. With its plan to launch its own cryptocurrency soon, Facebook CEO, Mark Zuckerberg, sat before dozens of members of Congress on Wednesday. He aimed to convince them that Facebook’s venture into cryptocurrency is a good idea.

But nearly every lawmaker who spoke today took Zuckerberg to task over the company’s past failures, calling on him and Facebook to make efforts to regain their trust before moving forward with the Libra project. The hearing was headed by House Financial Service Committee’s Chairwoman Maxine Waters (D-CA).

Chairman Waters expressed skepticism over the company’s cryptocurrency plans, saying, “With all of these problems I have outlined, and given the company’s size and reach, it should be clear why we have serious concerns about your plans to establish a global digital currency that would challenge the U.S. dollar.”

In response, Zuckerberg said that he believes that Libra must be built, but he understands that Facebook isn’t “the ideal messenger right now.” He continued, “We’ve faced a lot of issues over the past few years, and I’m sure people wish it was anyone but Facebook putting this idea forward.”

Rep. Nydia Velázquez (D-NY) asked “Do you understand why this record makes us concerned with Facebook entering the cryptocurrency space? Do you realize that you and Facebook have a credibility issue here?” Velázquez said. Rep. Joyce Beatty (D-OH) said “It’s almost like you think this is a joke when you have ruined the lives of many people, discriminating against them.”

The top Republican on the committee, Rep. Patrick McHenry (R-NC) said “There’s a lot of anger out there, and now, it’s being directed at the architects of the system. Fair or not fair, you’re here today to answer for the digital age.”

In answers to lawmakers, Zuckerberg said that Facebook wouldn’t agree to move forward on the Libra project until all of the US regulatory bodies involved gave it a green light. However, that statement came under fire, with members like Rep. Carolyn Maloney (D-NY) demanding Zuckerberg list out all of the regulators he would seek approval from to ensure none are left out.