Mark Zuckerberg fails to alleviate the concerns of lawmakers at the Libra hearing – Libra News

Libra has failed to relieve the concerns of lawmakers. Mark Zuckerberg's testimony before the senators did not calm the suspicions of the threat the project can possess. Maxine Waters backs off from supporting Libra even the slightest. However, a number of representatives believe the prohibitions on Libra can lag the United States behind in terms of innovation and finance. Zuckerberg highlighted the inauguration of China's cryptocurrency has a significant hazard to the economic position of the US.

Facebook’s controversial crypto project could not succeed in climbing the ladder of further developments despite the testimony by the social giant’s CEO. On October 23, Mark Zuckerberg appeared before the United States House of Representatives Financial Services Committee to resolve the widespread speculations concerning Libra. However, the lawmakers are still concerned about the possible launch of the crypto project.

The legislators heard statements from Zuckerberg and posed queries including a variety of subjects from Libra to Facebook’s data policies and response to plausible foreign influences on the platform. Maxine Waters, the committee’s chairwoman, stepped back from rendering even the slightest of the support to the project. Waters told Cointelegraph, ” I don’t support Libra at all this point.” She also added that Libra, as a stablecoin, is not yet explained entirely, and Zuckerberg must halt the development of his huge project as the concerns remain unsolved.  

On the other hand, several representatives on the Committee claim that not acting swiftly on Libra could lead to a drop in the position of the US as a global leader of finance and innovation. Patrick McHenry stated Libra’s hearing as the “day of trial on American innovation.” 

Zuckerberg claimed that the origination of China’s digital version of its currency could pose a severe threat to the economic and geopolitical position of the United States if it came before Libra. 

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Saloni Sheelwant
Saloni Sheelwant treasures to research and write about the new startups and technologies thriving at a very fast pace.

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