Mark Zuckerberg will defend Libra before the US Congress

Two weeks later, Facebook leader Mark Zuckerberg will defend his cryptocurrency project Libra with American lawmakers in the Committee on Financial Services of the House of Representatives of the US Congress.

On October 23, 2019, the issue of the Facebook cryptocurrency project and its impact on the financial sector will be reviewed. At the hearing, Zuckerberg will be the only speaker.

Committee Chairman Maxine Waters previously demanded that Facebook stop working on the Libra cryptocurrency until all legal issues are resolved. She justified her demand by the fact that the payment system from Facebook can violate not only the US monetary policy, but also negatively affect the entire global financial system.

The issue of Libra is not considered in Congress for the first time – this summer even the US Senate Banking Committee took part in the discussion of the project. Despite the potential advantages and prospects of Libra, announced by its creators, the legislature is skeptical about the plans of Facebook. Like any other regulator, the most confronting issue is data privacy.

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Earlier, four organizations protecting the interests of American consumers (Open Markets Institute, Public Citizen, Revolvong Door Project and Demand Progress Education Fund) called on Libra Association members to refuse further cooperation with Facebook. According to these public organizations, Facebook is abusing its influence in the market, creating a monopoly and thereby “frightening” other companies.

Libra Association already quits last week
PayPal payment operator. Visa and Mastercard are also starting to think about leaving the project, fearing that cooperation with Facebook on the Libra project
can ruin their reputation.