Mark Zuckerberg is to testify before congress over Libra
Facebook’s Zuckerberg is set to be the only witness at the hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”.
There are sure to be some questions about Libra as Senator Maxine Waters had previously requested Facebook halt implementation for the libra cryptocurrency ahead of a hearing with the project’s lead David Marcus.
On the same date where Marcus testified many of the other senate members asked Zukerberg to attend as they didn’t fell questioning Marcus was enough. They also taunted the Libra co-founder by calling Libra “Zuk Bux”.
In a heated debate, it seemed that many of the senate delegates felt that Libra put the financial system in danger and could disrupt traditional monetary tools.
Now Zuckerberg will be able to answer for himself on October 23rd at 10 a.m. Eastern Time. It has been said that the launch of Libra may be delayed as the Libra association will not be able to please regulators by 2020.
In another massive setback, PayPal also backed out of the Libra association earlier in the month bit wished the project well. Some analysts have said they do not want to put their reputation into disrepute by joining the scheme.