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.