Facebook has been kept on its toes in the last few months and this was sparked by the release of the Libra white paper a few months ago, which marked their foray into the cryptocurrency industry and also set in motion a race to clear all regulatory issues before the launch of the token and this has seen the Facebook lobbying team speak with world leaders as well as push for legislation that will allow the token function across the globe. This has seen the Facebook team testify at US Congress regarding the issues of Libra as well as meet with leaders in Europe.
And yet another effort towards this goal, it has been reported on September 26, 2019, that Facebook is looking to have Sheryl Sandberg, their chief operating officer, testify before the house financial services committee as soon as next month regarding the libra token.
In the proposed testimony, Sandberg would be speaking on the global power that is held by the Facebook corporation as well as the plans it has for the Libra token in 2020. There have been concerns that Facebook release of the token might undermine economies of individual countries as this is not tied to a specific banking institution and there is also concern about the token’s possible use for money laundering andother criminal activities, which are claims that the company has consistently addressed. This is not the first time that Sandberg will be speaking in front of US Congress as she previously testified in 2016 about the misuse of user data by Facebook during the 2016 presidential elections in the United States.
David Marcus, who is the head of the team for Libra, has stated that the token is still on the road to being launched in 2020 despite the pushback they have received and earlier this month, Mark Zuckerberg had dinner with a number of US lawmakers in Washington who expressed concern over the Libra token. All these efforts have been backed up by a very large extensive lobbying team that has been hired by Facebook and only time will tell if these efforts will be successful as several prominent lawmakers have spoken out against Libra, with one US lawmaker stating that the token should not be released at all.