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Libra’s regulatory hurdles appear taller after House hearing

Jim Saksa, Roll Call

Washington, November 5, 2019
Facebook CEO Mark Zuckerberg provided only a few additional details about the company’s proposed cryptocurrency to a House Financial Services Committee on Oct. 23 that generally didn’t like what it heard. 

Zuckerberg said Facebook wouldn’t proceed with the proposed Libra until it had satisfied regulators’ concerns. That pledge and the harsh criticism from lawmakers on both sides the aisle appears to narrow, if not eliminate, the company’s path to approval, at least for a project as sweepingly ambitious as Libra is.

“Frankly, I don’t trust it,” Republican Rep. Anthony Gonzalez of Ohio told Zuckerberg about Facebook being part of the project, giving a flavor of the bipartisan committee skepticism about the Libra project and Facebook generally. The company has also been widely criticized for its use of customer data and its role in Russia’s alleged meddling in 2016 elections.


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