Zuckerberg will be the sole witness at the hearing, entitled “An Assessment of Facebook and Its Impact on the Financial Services and Housing Sectors.” Previously, Facebook has decided to mainly send out Calibra CEO David Marcus to go over Libra with regulators.
Facebook announced Libra and Calibra in June, and prepared to roll them out next year. It hasn’t precisely been smooth cruising for the cryptocurrency considering that. Regulators in the US, UK and EU, along with central banks, have actually looked for responses about the stability and privacy implications of Libra.
France and Germany have said it ought to be prohibited in the European Union. They argued it ‘d pose a challenge to federal governments’ “monetary sovereignty.” Meanwhile, PayPal has dropped its assistance for Libra, and Visa and Mastercard may do the same.
In July, the Democratic members of the committee proposed legislation to obstruct Facebook and other major tech business from introducing cryptocurrencies. Even if the bill doesn’t make much progress towards ending up being law, it highlights a degree of wariness about Libra from lawmakers, and recommends the committee members will have plenty to ask Zuckerberg about.
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