The immediate focus of the hearing by the House Financial Services Committee was the project for the currency, to be called Libra. Zuckerberg took pains to reassure lawmakers that he wouldn’t allow Facebook to move forward without explicit approval from all U.S. financial regulators.Rep.
Lawmakers from both parties and top regulators — including Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell — have criticized Facebook’s plan for the new currency, to be called Libra. They warn that it could be used for illicit activity such as money laundering or drug trafficking.
Zuckerberg, in written testimony prepared for the hearing, aimed to reassure lawmakers that his company won’t try to evade financial regulators as it readies Libra. Instead, Zuckerberg is pushing an optimistic vision of Libra and what it could mean for people around the world who don’t have access to bank accounts.
The Justice Department, the Federal Trade Commission and the House Judiciary antitrust subcommittee are all conducting investigations of Facebook and the other huge tech companies amid accusations of abuse of their market power to crush competition.Facebook committing to new privacy measures for messenger
globalnews He doesnt care He’s going to make his cut in the transactions
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