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U.S. House panel wants Mark Zuckerberg to testify on crypto project ‘Libra’ by January 2020: Report

Mark Zuckerberg (Image Credit: Anthony Quintano/Flickr)

Fri, 04 Oct 2019, 07:17 am UTC

The House of Representatives Financial Services Committee wants Facebook CEO Mark Zuckerberg to testify on the social media giant’s highly ambitious cryptocurrency project, The Information reported.

As per the report, the committee has invited Facebook Chief Operating Officer Sheryl Sandberg to testify on Libra on October 29. However, this is reportedly subject to the condition that Zuckerberg will also agree to appear before the committee by January 2020.

A congressional source confirmed to Reuters that Sandberg has tentatively agreed to testify before the committee.

If the hearing takes place as planned this month, then it would mark the testimony of the second Facebook executive on the company’s digital currency plans. David Marcus, the co-creator of Libra, had testified before U.S. lawmakers at a Congressional hearing on July 17, which followed the Senate Banking Committee hearing on July 16.

As the crypto project continues to face regulatory pushback, a number of members of the Libra Association, the governing body of Libra, are reportedly considering withdrawing their support from the initiative.

In response to these reports, Marcus recently said that the official first wave of members will be formalized in the weeks to come. He said that he was unaware of the intention of certain members to not step up, adding that “change of this magnitude is hard and requires courage.”

Furthermore, a leaked audio recording from an internal meeting obtained by The Verge revealed that Zuckerberg is hopeful that the association will grow to 100 or more companies by the time Libra launches.

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