Mark Zuckerberg will testify in Congress …
Mark Zuckerberg will testify before the US Congress in connection with the development of the Libra stablecoin
Facebook CEO Mark Zuckerberg has been summoned by the Financial Services Committee of the US Congress to testify regarding the Libra cryptocurrency project his company is developing. This was announced today by the head of the committee Maxine Waters.
Zuckerberg will be the only witness at the October 23 hearing to “examine the impact of Facebook on financial services and the housing sector”.
In July, Waters and other committee members sent Facebook a letter suggesting it suspend Libra development while the authorities study the project..
“My doubts have to do with giving permission for a large tech company to create a privately controlled alternative global currency,” Waters said earlier, after repeatedly returning to criticism of Libra..
“Mark is ready to testify before the financial services committee and answer questions from lawmakers,” a Facebook spokesman said in an interview with CNBC..
In September, Zuckerberg met with senators behind closed doors. His upcoming Congress visit will be his first since testifying in 2018..
Also today it became known that the Bank of England has completed the development of the rules according to which it intends to regulate Libra in its jurisdiction. The Bank of England’s Financial Policy Committee calls Facebook’s initiative a “systemically important payment processor” that must meet the highest standards in terms of reliability and be subject to the necessary regulatory oversight.
“The robustness of the proposed Libra system will be determined not only by the stability of the key elements of the Libra and Libra Reserve Association, but also the related critical activities carried out by other firms in the Libra ecosystem, such as validators, exchanges and wallet providers. This underscores the importance of inclusive sustainability, ”the Bank of England said, adding that the regulator will need access to the network to keep track of payments made there..
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