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The CEO of Facebook, Mark Zuckerberg, spoke in front of the U.S Congress to defend his company and Libra project. (Image via Forbes)
Facebook's Libra Project: Zuckerberg vs. Democrats' stubbornness
On Wednesday, the CEO and founder of Facebook, Mark Zuckerberg, sat in front of the members of the United States (U.S) Congress. Their objectives were surely different. For Zuckerberg, his attendance in the Congress meant that he had to convince the Congress members to let Libra pass. For Congress, they will have to scrutiny Libra and Facebook’s track record whether they be eligible enough to be trusted.Zuckerberg banged his head against the wall to convince the Congress members. However, not even half of the panel was sure that Libra or Facebook can be trusted to move on.
Rep. Maxine Waters (D-CA), Democrat congresswoman who chaired the session, stated that the cryptocurrency project proposed by Facebook could lead to several concerns in how Libra assures safety and privacy in trading. Waters pointed out that for a company as big as Facebook with bleak track records, handling new cryptocurrency could rattle the global economy.
The Congress members also brought up the bleak track records owned by Facebook. Rep. Nydia Velazquez (D-NY) asked Zuckerberg why Facebook should be trusted. The case of Facebook’s data breach and how they sold their customers’ personal data to Cambridge Analytica are still fresh in their memories. Velazquez rapidly questioned Facebook’s credibility.
While they are at it, the Congress member brought up the plan to break up Facebook. First, the plan was proposed by the 2020 presidential candidate from Democratic party, Sen. Elizabeth Warren. In the session, Waters and Rep. Jesus Garcia (D-IL) brought up the topic as Facebook has breached more than enough laws to be broken up.
The government institutions have been tailing Facebook to see how the social media giant abolishes any competition using its influence.
ZUCKERBERG’S DEFENSE
The session would be the second time for Zuckerberg, who also testified in the Congress in April 2018. The Congress member from the Republican party, Rep. Patrick McHenry (R-NC), asked Zuckerberg to answer the rapid questions asked by the Congress members. Given the fact that Facebook is a global company by size and influence, McHenry pointed out that Zuckerberg’s answer will be the “voice” of the digital age.
Zuckerberg played defense. Addressing Facebook’s credibility and privacy issues, Zuckerberg stated that social media is not ideal. In recent years, Facebook has been facing backlashes regarding political ads, encrypted messages, and doctored video.
Without saying how he would fix these problems, Zuckerberg said that China is the main factor why Libra has to be established.
To appease the anger of the Congress members, Zuckerberg said that Facebook will wait for the signatures of all regulators to allow Libra to pass. If the Libra Association forces Facebook to initiate Libra without it, Zuckerberg said that Facebook itself will walk out.
However, that seems to backfire to Zuckerberg as Rep. Carolyn Maloney (D-NY) asked which regulators that Zuckerberg was referring to. Either this was a test or Maloney just wanted to ensure that Zuckerberg had done his homework well. Zuckerberg did not reveal the full list of regulators he would like to ask signatures from.
It is true, nonetheless, that if the U.S regulators give green lights for Libra, Zuckerberg will immediately launch the cryptocurrency without having to beg the Congress for it.
From the session, Congress was divided into two sides. The Democrats, aligned with the current President of the U.S, Donald Trump, his Secretary of Treasury, Steven Mnuchin, and Chairman of Federal Reserve, Jerome Powell, are stridently against the Libra project, fearing that it will lead to illicit activities.
The Republicans, however, stood with Zuckerberg. McHenry, for example, stated that Libra, as an innovation, should not be put “on trial”.
Zuckerberg said that Libra is created for people who have no bank account. However, the plan seems to regress even more as some big names such as PayPal, MasterCard, Visa, and more walked out of the association.
Source: https://time.com/5708888/mark-zuckerberg-testify-congress-libra/
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