Zuckerberg To Testify Before Congress On New Cryptocurrency

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Zuckerberg will be tasked with explaining why Facebook's cryptocurrency is needed, in a hearing before congress.

Mark Zuckerberg, founder of Facebook, is set to testify before Congress.

The hearing is being held by the House Financial Services Committee. Zuckerberg is the sole witness of this hearing. The focus will be on Facebook’s plans to launch Libra, a cryptocurrency. The initiative has lost steam since its announcement and has lost key financial industry partners.

“I believe this is something that needs to get built, but I understand we’re not the ideal messenger right now,” Zuckerberg said

Facebook has also recently received criticism because of its inability to regulate what is posted on the social media platform. More specifically, Elizabeth Warren has made a point of emphasizing that she was able to place a political ad that told outright lies without facing any consequences from Facebook.

“Democracy depends on the idea that we hold each others’ right to express ourselves and be heard above our own desire to always get the outcomes we want. You can’t impose tolerance top-down,” Zuckerberg said.

Zuckerberg has also emphasized that launching Libra will be a benefit for the U.S. as other lead global players work to launch their own cryptocurrencies.

“China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world,” Zuckerberg said.

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