The Libra project has, so far, been one of Facebook‘s most ambitious endeavors to date and it has also been one of its most taxing as since the white paper was released, they have been forced to battle all manner of regulatory challenges across the globe ahead of its proposed 2020 launch. Representatives of Libra testified before US Congress and have gone across the globe meeting with lawmakers and world leaders in order to convince them of the merits of this token and also dispel rumors that it can be used for illegal purposes
On October 9, 2019, it was reported by congresswoman Maxine Waters that Facebook CEO Mark Zuckerberg will be testifying before Congress at a hearing titled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”
Zuckerberg Goes to Washington
US Congress has been heavily pursuing information about the upcoming token as far back as July just after the white paper was released and even sent a letter to Facebook demanding an explanation on how they intend to implement the Libra token and Calibra cryptocurrency wallet and despite the testimony of the head of Libra token, Congress was not satisfied. During the announcement, there was also mention of a bill called the “Keep Big Tech Out of Finance Act,” to keep large tech companies from acquiring licenses to be financial operations within the United States in order to prevent monopolies and misuse of power.
“The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed or registered as a U.S. financial institution (e.g. like taxpayer-backed banks, investment funds, and stock exchanges) or otherwise becoming affiliated with such financial institutions,” the announcement said.
It should be noted that this is not the first time that Facebook will be appearing before Congress as they have previously done so a few years ago during the Cambridge Analytica scandal when was revealed that the company had been misusing user data and this has continue to linger over Facebook in the years after and has created an atmosphere of distrust for the company and naturally, many feel that they should not be going into the cryptocurrency business as a result of this.