America House Monetary Companies Committee has reportedly invited Fb COO Sheryl Sandberg to testify on Oct. 29 concerning the firm’s plans for its Libra stablecoin.
In response to a report from The Data on Oct. three, the invitation comes with a key situation: that CEO Mark Zuckerberg consent to look earlier than the committee earlier than January 2020.
Sandberg would observe David Marcus’s testimony
The Committee, chaired by Rep. Maxine Waters, has not too long ago introduced its plans to prioritize scrutiny of Fb’s proposal for Libra and corresponding digital pockets Calibra as a part of its fall 2019 agenda.
In response to The Data’s sources, Sandberg might be questioned about Libra in addition to about Fb’s promoting insurance policies. The social media titan reached a $5 million settlement with civil rights teams this March over the allegations that its promoting had facilitated discriminatory practices within the housing market.
Ought to the testimony happen, Sandberg can be the second Fb govt to testify earlier than the Committee relating to Libra. In mid-July, Calibra CEO David Marcus testified about issues together with anti-money laundering and different compliance measures, in addition to the problem of public and authorities belief within the firm’s surveillance and knowledge assortment measures.
A hostile response from lawmakers
As Cointelegraph reported, Rep. Maxine Waters has proved to be one of many extra Libra-sceptic lawmakers within the U.S., expressing her issues that the tech large has “demonstrated sample of failing to maintain client knowledge personal on a scale much like Equifax” and had “allowed malicious Russian state actors to buy and goal advertisements” to — purportedly — affect the 2016 U.S. presidential elections.
In mid-June, she requested that Fb halt work on Libra, citing the agency’s “troubled previous.”
This week, leaks from two July 2019 inner Q&A classes between Zuckerberg and Fb workers revealed the CEO’s early technique for Libra’s launch.
Throughout the classes, the CEO acknowledged that the mission confronted “actual points. Finance is a really closely regulated house […] stopping cash laundering, stopping financing of terrorists and individuals who the totally different governments say you’ll be able to’t do enterprise with.”