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Libra is Spinning Congress on its Head

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Highlights:

  • Mark Zuckerberg, in the recent Libra hearing, has said that Libra
    won’t move forward unless Congress gives the Greenlight
  • Zuckerberg then also warned that if Libra doesn’t grown, US will
    face imminent threat from China
  • Congress seems to be unmoved by Zuckerberg’s statements

On 23rd October 2019, Mark Zuckerberg, the CEO
of Facebook, along with several members of the Libra team sat in front of
Congress to answer for the questions the Congress had over Facebook’s ambitions
and controversial Libra project. The hearing was held in accordance with the
perceived threat policy-makers felt over a currency formed and run by a private
corporation.

On of the people present in the hearing,
Congress woman Maxine Waters proclaimed “With all of these problems I have
outlined, and given the company’s size and reach, it should be clear why we
have serious concerns about your plans to establish a global digital currency
that would challenge the U.S. dollar”.
By the statement, one can perceive
the hostility from the government with regard to a competing currency issued by
private entities.

Anticipating the negative outlook, Zuckerberg
said that Facebook wouldn’t agree to move forward on the Libra project until
all of the US regulatory bodies involved gave it a green light. But even that
was not taken lightly when the Congress asked Zuckerberg to list all the
regulatory bodies the Libra foundation would seek approval from. Unfortunately,
the CEO of Facebook did not prepare for that and was unable to come up with an
answer.

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But to his advantage, Zuckerberg did lay out the
threat US would face if they discourage ambitions projects such as Libra. If
the US would not allow Libra to move forward, they would face imminent threat
as China would beat them to it, said Zuckerberg.

Much has to be figured out from both the sides,
if they want to reach on a mutually exclusive outcome, but as of now the
question still remains if Congress would allow Libra to love forward with
proper regulatory oversight, or will they remain skeptical and crush the seed
before it is sowed.

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