The US House Committee on Financial Services is pressurizing Mark Zuckerberg, CEO of Facebook Inc. to appear before the committee and answer its questions related to the new Libra stablecoin project started by the social media corporation.
Ever since the coin project was launched by Facebook, it has attracted varying levels of criticism from government circles both within the US and outside. Most of the countries have stated that they will ban the stablecoin project altogether due to fears of Facebook operating as a shadow bank.
The project was announced earlier in June this year and is being developed by a non-profit company based in Switzerland. Many other partners have been announced and despite the governments of the world attempting to clamp down on the project, it is still being pursued and progressed by the CEO Mark Zuckerberg.
Now after last year’s hearing in front of US Congress related to massive data hacks in the social media’s database, Mark Zuckerberg may soon be expected infront of Congress to answer some tough questions posed by it. Rep. Maxine Waters (D-CA), Chair of the House Financial Services Committee, one of the most vocal critics of the company is leading the calls for Zuckerberg’s hearing.
The nature of the questions, to be posed by lawmakers is not known but will possibly be related to the mechanism of the new project and how it can possibly undermine the banking system of the world.
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