Libra’s Future in Question as Mark Zuckerberg is Set to Testify Before the U.S. Congress

2019-10-10 11:26

Coinspeaker
Libra’s Future in Question as Mark Zuckerberg is Set to Testify Before the U.S. Congress

Things do not seem to be going as planned for Facebook’s Libra as Mark Zuckerberg is set to testify before the US Congress later in the month. This was revealed by the Chairwoman of the United States House Committee on Financial Services Maxine Waters (D) in a press statement yesterday. The Chairwoman indicated that a letter had been sent to the Social media giant in July “requesting an immediate moratorium on the implementation of Facebook’s proposed cryptocurrency, Libra, and digital wallet, Calibra”.

The hearing will feature Mark Zuckerberg as the sole witness at the hearing which has been entitled: “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” The press statement also made mention of the “Keep Big Tech Out of Finance Act” which is draft legislation that seeks to keep technology giants out of the banking and financial services sector.

The statement noted:

“The bill also prohibits large platform utilities from establishing, maintaining, or operating a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function as defined by the Federal Reserve”.

In what seems to have been a masterstroke for the US Congress, finally, the technology wizard from Menlo Park California will have to answer questions by himself this time. At the last hearing concerning Libra, Zuckerberg sent a representative David Marcus; a move which was considered by many pundits to be a snub to the lower house of the American parliament leading the Democratic caucus.

All hasn’t been well with the Libra project in recent times. Payment services giant Paypal recently pulled out of the Libra Association amidst concerns by many about Facebook’s ability to maintain fidelity in large projects. This indirectly results from the Cambridge Analytical scandal, the privacy breaches that made Facebook pay $5 Billion and other breaches that have set many on edge.

Additionally, other payment service providers and card services firms including Visa and Mastercard have been considering their position on backing the Libra project. Already, pressure has been mounted by the members of the United States Senate urging Visa, Mastercard, and Stripe to pull out of Libra. This is an indication that the US government is doing all it can to protect big banking from the technology giants who have all the tools in their arsenal to take over banking and finance.

The initial attitude of Calibra’s CEO David Markus in September criticizing the SWIFT network and other payment systems currently in use hasn’t helped one bit. This singular action has already given everyone within financial and technology circles bad vibes about the Libra project. As for the big question of Libra’s survival, it is too early to tell but it is going to be an interesting couple of months for the Libra project. 

Libra’s Future in Question as Mark Zuckerberg is Set to Testify Before the U.S. Congress

Similar to Notcoin - Blum - Airdrops In 2024

origin »

MARK.SPACE (MRK) на Currencies.ru

$ 0 (+0.32%)
Объем 24H $0
Изменеия 24h: 11.75 %, 7d: 9.86 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0023892 (-100%)

zuckerberg mark set testify libra congress future

zuckerberg mark → Результатов: 126


Фото:

Facebook’s new VR avatars are more lifelike than anything you’ve seen before

Remember when Facebook CEO Mark Zuckerberg tried to show off his company’s clunky Spaces VR tech by taking a virtual tour of hurricane-hit Puerto Rico in 2017? This is nothing like that. The company has quietly been developing a revolutionary system to create virtual avatars of people that closely resemble them in their facial features and mannerisms.

2019-3-14 16:47


Winklevoss Twins’ Bitcoin Hot Takes: The Latest from the BTC Brothers

Whether in the world of social media or in cryptocurrency, most people know the name “Winklevoss.” The two brothers, Cameron and Tyler, are major entrepreneurs, starting social media with ConnectU, and ultimately becoming known through their lawsuit against Mark Zuckerberg over his launch of Facebook being stemmed from their idea. Now, they have settled down […]

2019-3-12 03:03


Facebook’s Cryptocurrency is a YawnCoin, Not A ‘Blow to Bitcoin’

As Mark Zuckerberg outlines his vision for Facebook as a trusted digital brand for secure and private messages and payments between users, Billy Bambrough writes at Forbes: “Blow To Bitcoin As Mark Zuckerberg Warns Facebook Payments Are Coming “Bitcoin, which has recently attracted the attention of some of the world’s biggest technology entrepreneurs, is likely to soon get a major competitor: Mark Zuckerberg’s social networking giant Facebook.

2019-3-10 20:27


Facebook’s Crypto Division Might Build a Blockchain Identity System: Mark Zuckerberg

Weighed down by countless accusations of user-data violations, crypto-curious Facebook has signaled that it could turn to blockchain technology for some tasks. In a video discussion, Facebook’s CEO Mark Zuckerberg told Harvard Law professor Jonathan Zittrain, that the social media giant could integrate blockchain technology into the platform’s login and data sharing systems.

2019-2-22 20:38


Zuckerberg’s ‘blockchain login’ plan makes absolutely no sense

Facebook CEO Mark Zuckerberg is exploring the possibility of leveraging blockchain technology for the company’s third-party login services. In an interview with Harvard Law Professor Jonathan Zittrain on Wednesday, Zuckerberg said a move from the existing centralized Facebook Connect to a distributed system could empower users and app developers alike.

2019-2-21 16:02


Цукерберг оценил применение технологии блокчейн для аутентификации пользователей

Основатель Facebook Марк Цукерберг (Mark Zuckerberg) в интервью с гарвардским профессором права Джонатаном Цитрейном (Jonathan Zittrain) заявил, что технология блокчейн может быть использована для создания аналога сервиса Facebook Connect для аутентификации пользователей.

2019-2-21 13:20