Mark Zuckerberg is being asked to testify on Libra instead of project head David Marcus or anyone else related to the project, and they’re using a meeting with Facebook’s COO to leverage it.
A source close to the situation in Congress has reported that a hearing with the House Financial Services Committee, meant to take place with the Chief Operating Officer of Facebook, Sheryl Sandberg, will not occur until Zuckerberg himself commits to meeting with the representatives himself. He must agree to do so by January of next year, reports Forbes.
News regarding Libra this past week hasn’t been great for the project. First off, its initial partner PayPal has officially backed out of the project due to regulatory issues, as BeInCrypto has previously reported. On top of this, an online petition demanding that the company shut down Libra has received over 50,000 signatures.
Now, with this news, it seems that Zuckerberg himself really should come out and explain a little more regarding the project’s goals and why Facebook is even interested in such an asset. After all, France is blocking the asset outright due to fears of what it could do to the global economy, as BeInCrypto has also previously reported.
Referring to the asset as “Zuck Bucks,” Brad Sherman, a representative of the House from California stated that he believes that Libra was created, possibly, to compete with the United States dollar as one of the world’s leading currencies.
Of course, a meeting with a Facebook executive would be an excellent way to learn more information about these concerns, but holding it off is great leverage to get Zuckerberg to come and speak. After all, China’s stablecoin, an asset that David Marcus says would be a direct competitor to Libra, is basically ready for launch. Facebook should be doing all it can to expedite Libra’s release.
What do you think about the state of Libra? Will Mark Zuckerberg make the effort to testify regarding it? Let us know your thoughts in the comments below.
Images are courtesy of Shutterstock.