Facebook CEO Zuckerberg Will Attempt to Butter Up Congress on Libra Cryptocurrency

Posted on 10/22/2019

Facing scorn from the left and right political factions, Facebook CEO Mark Zuckerberg is not giving up on his ambition for Libra. Libra is Facebook’s cryptocurrency project. Zuckerberg intends to inform the U.S. Congress that Facebook will not launch Libra anywhere in the world – only if all U.S. regulators approve of it. He plans to tell Congress that Facebook-backed Libra cryptocurrency “will extend America’s financial leadership as well as our democratic values and oversight around the world.”

Mark Zuckerberg plans to testify before the House Financial Services Committee on October 23, 2019.

Libra is at an inflection point as in October, Paypal, EBay, Stripe, Mastercard, Visa, and Mercado Pago all exited the cryptocurrency project.

Facebook is facing antitrust investigations from state attorneys general. The antitrust investigation was announced in September 2019.

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