Facebook, Libra, Zukerberg and Congress

BY: Muhammad Wasif Khan

On 23 Oct, Mark Zukerberg, CEO of Facebook appeared in front of the US House of Representatives Committee on Financial Services, for the first time, about his role in developing Libra, a new crypto currency and the 2020 US elections.

Concerning the Ads that were run on Facebook many congressmen and women asked Zukerberg about Facebook’s policy to not fact check the political ads that were running on the platform. Regarding the ads and election meddling Zuckerberg said that he feels the social network is well equipped to handle upcoming votes.

During the appearance when Zukerberg was asked if Facebook was going to fact check political ads Zukerbeg replied,” We do not fact check politicians speech, the reason for that, we believe is, in a democracy it is important that people can see for themselves what politicians are saying”.

While talking about Libra however, Zukerberg did not seem as confident with his answers. Zukerberg faced very tough questions from the Congress and in a hope to reassure the lawmakers Zukerberg said that his company won't try to evade financial regulators as it readies Libra. Facebook "will not be a part of launching the Libra payments system anywhere in the world unless all U.S. regulators approve it,” But the members of House Financial Services comettie were not convinced by this statement by Zukerberg.

Republican representative Ann Wagner of Missouri asked Zuckerberg why a lot of the large backing corporations of Libra have recently left the project. To this Zukerberg replied that Libra is a risky initiative. Many other Congressmen and women also hinted at Libra being a cause of concern.
Zukerberg also said that china is moving quickly towards crypto currency and if U.S. wanted to compete they had to act on this quickly or china may become a very powerful monopoly in this area of business, leaving the United States behind, too far to catch up.

Seven out of the 28 backers of libra have dropped their support in the last few weeks, these dropped out backers include PayPal, Visa and MasterCard. 

There has also been a significant push to break up Facebook which would make it easier to control the company.

According to CBS news, The Justice Department, the Federal Trade Commission and the House Judiciary antitrust subcommittee are all conducting investigations of Facebook and the other huge tech companies amid accusations of abuse of their market power to crush competition.





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