Zuckerberg to Testify Before Congress Regarding Libra Stablecoin

Senators Caution Mastercard Visa Stripe on Libra Membership

Senators Caution Mastercard Visa Stripe on Libra Membership

Rep. Maxine Waters, the California Democrat who heads the House Financial Services Committee, announced Wednesday that Zuckerberg will testify at a hearing by the panel on October 23.

On Oct. 9, Congresswoman Maxine Waters officially announced that Zuckerberg will attend a congressional hearing entitled "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

Zuckerberg is likely to be peppered with critical questions from lawmakers skeptical of Facebook's efforts to help launch a global cryptocurrency called Libra.

In July, Chairwoman Waters and other Committee Democrats sent a letter to Facebook requesting an immediate moratorium on the implementation of Facebook's proposed cryptocurrency, Libra, and digital wallet, Calibra. There also is concern that the massive reserve created with money used to buy the new currency, to be called Libra, could supplant the Fed and destabilize the financial system, and that consumers could be hurt by Libra losses.

AQUAMAN & WATCHMEN Star Cast as THE MATRIX 4 Lead
Lilly Wachowski, a co-director, co-writer and co-EP in the original franchise, is said not to be involved in the fourthquel. This is all speculation, based on a report of Yahya Abdul-Mateen II's casting that comes from Variety .

On Tuesday, the European Union's finance commissioner said he would push for new rules to regulate virtual currencies, reacting to Facebook's plans to introduce Libra which the EU considers a risk to financial stability.

USA payments processor PayPal Holdings Inc said this month it was leaving the Libra Association, a group of private companies helping develop the currency. He did not agree to a suspension of the plan or a pilot project, as several lawmakers urged.

The hearing marks the second visit to Washington for Zuckerberg in as many months, after he swung through the nation's capital on a whirlwind tour meeting privately with lawmakers and President Donald Trump. The social media giant had originally agreed to send Facebook chief operating officer Sheryl Sandberg to the hearing. Zuckerberg was grilled by Congress a year ago in the wake of the Cambridge Analytica data scandal.

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