Facebook COO Set To Testify Before Congress About Stablecoin Libra Next Month

Libra, one of the most aspirational projects of Facebook which would propel it in the financial demographics and crypto banking services has run into a number of roadblocks ever since its announcement. As per a recent report from Bloomberg, Sheryl Sandberg, the chief operating officer of social media giants is set to appear before Congress towards the end of October to testify about the stablecoin project and the impact of Facebook’s market power.

Earlier in July, the then Calibra-project head David Marcus also testified before the U.S. House of Representatives and the U.S. Senate facing a grueling session on the motive behind the project and its impact on the existing financial infrastructure. Marcus was grilled on different aspects of the project and the concerns of regulators around the globe.

Ever since Facebook announced its plan on launching a “social media‘ translatable sablecoin backed by a basket of national fiat currencies, regulators around the globe started to point out several concerns behind such a working model. Libra has accused of piggy-riding the existing financial infrastructure for which banks and financial institutions pay in billions for compliance. Many politicians and regulators have called for a total halt of the project as it threatens the monetary sovereignty and financial stability of the nation.

The slew of criticisms from around the globe is now threatening a delay in launch scheduled for 2020. Mark Zuckerberg had assured that Libra would only go ahead with the launch after addressing all the concerns related to it.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Silvia A
Silvia A
Though relatively new to the cryptocurrency and blockchain space, Silvia has a strong interest in the field and a love of writing as well. She brings an interesting take to current happenings in the industry and enjoys introducing the latest developments to cryptocurrency and blockchain enthusiasts alike. She’s excited to promote a vibrant and fresh discussion as the industry continues to develop and move forward.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today