Zuckerberg is experiencing a Significant Push to Testify on LibraOctober 5, 2019
Mark Zuckerberg, CEO of Facebook, might have to testify on the company plans. The Financial Services Committee members are not willing to settle for what Zuckerberg’s deputies have provided in testimony.
Sylvia Garcia, D-Tex., Congresswoman opines that Zuckerberg would be able to provide more precise answers than David Marcus.
Garcia stated, “I think we must get Mr. Zuckerberg before the committee.” She further added, “Obviously, this is his brainchild, and this is his company, and I think he would be the one to have the answers.”
Zuckerberg is experiencing a significant push to testify on Libra. Several representatives other than Garcia are also involved in the effort.
Garcia opined that PayPal’s withdrawal is indicative of something not going too cool. There are a growing number of investigations versus Zuckerberg. Several representatives have cautionary tales about allowing Facebook’s Libra, and they are looking to demystify the Libra phenomenon.
With international outcry mounting versus the Libra, Paypal stated, “We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future.”
In the global economic process, the cryptocurrency is maturing every day for investors. However, there is an evolving fear about the destruction of the traditional fiat currency system and the government control over it. This is, in turn, altering the whole ecosystem of the financial world. With high profile investors like Microsoft and Starbucks entering the market, the governments are not comfortable about the entire happening.
The whole ecosystem might be transformed into a tokenized economy. Several high profile partnerships are happening to ensure safety and efficiency in asset management, thereby improving the confidence of the investors.
With governments trying to interfere, corporates are not willing to give up on their projects, and they are eager to improve on their accountability and eventually to contribute to the expandability of the financial ecosystem.
With regulators ganging up on Facebook’s Libra, Mastercard and Visa are found to have second thoughts over the deal.
Alfred Kelly, Chief Executive of Visa, stated that they had signed a non-binding “Letter of Intent” with the association, but were “not a member of anything.”
The discussion doing the buzz in the investor community is that if members are not satisfied with complying with regulations, they might not be a part of the association.
Mark Zuckerberg continues to remain optimistic for Libra despite the harsh outlook of public officials. He stated, “The public things, I think, tend to be a little more dramatic.”