Facebook's Mark Zuckerberg Open To Scaling Back Plans For Libra Coin

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In her opening remarks, Waters also said Facebook has "utterly failed" to cultivate a diverse workforce, despite pledges in recent years to improve percentages of women and minorities. They warn that it could be used for illicit activity such as money laundering or drug trafficking.

"I believe this is something that needs to get built, but I understand we're not the ideal messenger right now".

In a speech last week at Georgetown, Mark Zuckerberg again gave a detailed explanation of how Facebook is making sure all of us can debate politics freely, while at the same time screening out what I'd call the jerks - the people who want to bully, terrorize, and dehumanize.

" Rep. Nydia Velasquez (D-New York) asked after reminding Zuckerberg he had claimed WhatsApp was "impossible" to integrate with Facebook, then integrated it less than 18 months later - momentarily silencing the CEO before he mustered a perfunctory denial".

Facebook founder and CEO Mark Zuckerberg will likely receive many questions about the company's dominance and privacy practices when he addresses Congress members Wednesday about another controversial topic: The company's planned Libra cryptocurrency.

Zuckerberg is striving to defend Libra and alleviate concerns that the currency could sidestep regulators.

He said Facebook would leave the Libra Association if the consortium tried to launch a cryptocurrency without permission. This settled with a group including the American Civil Liberties Union, the National Fair Housing Alliance and others, but Facebook still faces an administrative complaint filed by U.S. Department of Housing and Urban Development.

The Facebook CEO had promised the company's newly-minted financial subsidiary Calibra would not begin doing business until it was cleared by U.S. regulators, but could not guarantee Facebook's business partners would not create anonymous wallets or otherwise violate financial regulations.

Zuckerberg, in written testimony prepared for the hearing, aimed to reassure lawmakers that his company won't try to evade financial regulators as it readies Libra.

Zuckerberg has been summoned to testify at a hearing Wednesday by the House Financial Services Committee on Facebook's plan to create a global digital currency, which has stirred opposition from lawmakers and regulators in the USA and Europe. Speaking to Yahoo Finance, Marcus insisted that Libra was "absolutely not" in jeopardy, while admitting that the project is "going to get harder before it gets easier".

During questioning, Zuckerberg noted that a major competitive threat is coming from a Chinese public-private partnership and that "they are very focused on building this and exporting it around the world". "I think that's a pretty simple yes or no".

And he will add that the Libra digital currency is meant to facilitate money transfers, not to compete with sovereign currencies or impact monetary policy.

Sen. Elizabeth Warren, a leading Democratic presidential candidate, has advocated breaking up Facebook and other tech behemoths.

"Are you telling me. you plan on doing no fact-checking on political ads?"

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