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Mark Zuckerberg to testify in US over Libra cryptocurrency

Telegraph 09 Oct 2019 04:56

Mark Zuckerberg will testify about Libra, the cryptocurrency he is building, this month after he was summoned by a committee of US politicians. 

Maxine Waters, the chair of the House Financial Services Committee, announced that the Facebook founder and chief executive would appear as the sole witness in a hearing titled “an examination of Facebook and its impact on the financial services and housing sectors on October 23.  

A Facebook spokesperson said: "Mark looks forward to testifying before [the committee] and responding to lawmakers' questions". 

Ms Waters, backed by other democrats in the committee, has already requested that Facebook immediately pause development of the digital currency and its digital wallet, Calibra. 

The committee has proposed a bill to keep “big tech” out of the financial system that same month, during a meeting to assess what impact the initiative might have on consumers, investors and the American banking system. David Marcus, the head of Facebook's cryptocurrency operations, gave evidence during the hearing. 

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House Financial Services CommitteeFacebookBanks Financial Policy CommitteeGovernor Mark CarneyLibra Association