- Key Points from Zuckerberg’s Libra testimony in Congress
Today, in Congress, Mark Zuckerberg’s testimony was hinged on his stance, “I don’t control Libra.” In a session that lasted over six hours, he was made to answer several critiques of his approach to cryptocurrency, privacy, encryption, and running a vast organization. Zuckerberg tried to allay the fears of the U.S congress, while also raising concerns that if Facebook doesn’t build Libra.
Today at the United States Congress, Facebook CEO Mark Zuckerberg was at the receiving end of a gruelling 6-hour long hearing, from the members of the House of Representatives. “I don’t defend watch over Libra” was the central theme of Zuckerberg’s testimony, as the House of Representatives fielded questions relating to his approach to cryptocurrency, privacy, encryption and running a huge company. All through the hearing, Zuckerberg tried to alleviate their fears, while also raising concerns that if Facebook doesn’t produce Libra, the gap left would be filled by versions from China.
While giving his testimony, Zuckerberg tried to assure the U.S congress of his commitment to meet U.S. regulatory approval before releasing Libra. Notwithstanding, giving the tone of the questioning and Zuckerberg’s lack of fresh insight since Facebook’s David Marcus testified about Libra in July, it now looks even less likely that Libra will be initiated in 2020.
The main highlight of the hearing was during the listening to, as Get. Maxine Waters (D-CA) started what soon became a wave of attack and criticism about how Zuckerberg conducted his business in the United States. Maxine Waters declared that “Doubtless you focus on that you’re above the law, and it seems that you are aggressively increasing the size of your company, and are prepared to step over any person, with your opponents, females, other folks of coloration, you own customers, and even our democracy to web what you want . . . In reality, you bear opened up a serious discussion about whether Facebook must be unruffled or be broken up.”
Zuckerberg’s Libra Testimony Highlights
With not so much to pick from as highlights for the listening to, these are the major takeaways from the exchanges between Zuckerberg and Congress:
- Zuckerberg urged regulators not to block Libra, claiming China will soon introduce its version.
- He would leave an inheritance to younger ones in Libra since it is backed with precise forex.
- He wouldn’t commit to blocking off anonymous wallets but more in line with backing more anti-money laundering into Libra’s network.
- Zuckerberg intends to design larger verifying for customers via government ID to tackle the abuse of Facebook.
- He opined that Libra companions left on the myth of “it’s an unhealthy challenge, and there’s been a lot of scrutiny.”
- Facebook will pull out of Libra if it contravenes the rules set by regulators or does something that Facebook cant enable.
- Facebook plans to announce its upcoming news tab this week.
- Congress questions were more intelligent and focused than a year ago but weren’t nearly enough to get out new data on Libra from Zuckerberg.
As the hearing wore on, it was clear what Zuckerberg’s strategy was- to leverage on nationalist sentiment as a means to evade scrutiny. Zuckerberg leaned overly on the argument of “enable us to, or China will,” failing to give House of Representative clear solutions as to how to tackle the problems and fears raised regarding Libra. It remains to be seen what the future holds for Libra after these hearings.