• Latest
Zuckerberg: Facebook Would Quit Libra if Association Launched Prematurely

Zuckerberg: Facebook Would Quit Libra if Association Launched Prematurely

Oktober 23, 2019
6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine

März 31, 2023
Judge denies SEC motion to keep Hinman docs secret in Ripple case

Judge denies SEC motion to keep Hinman docs secret in Ripple case

März 31, 2023
The ultimate guide to Miami – Cointelegraph Magazine

The ultimate guide to Miami – Cointelegraph Magazine

März 31, 2023
Dr. Jane Thomason – Cointelegraph Magazine

Dr. Jane Thomason – Cointelegraph Magazine

März 31, 2023
1658007797 celsius is bankrupt with 12b balance sheet hole su zhu.jpg

Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16

März 31, 2023
6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

6 Questions for Lisa Fridman of Quadrata – Cointelegraph Magazine

März 31, 2023
Jed McCaleb empties XRP wallet after eight-year selloff

Jed McCaleb empties XRP wallet after eight-year selloff

März 31, 2023
Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

Celsius has finally filed for bankruptcy: Law Decoded, July 18-25

März 31, 2023
The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

The ‘godfather of crypto’ risked lifetime in jail, laying foundation for Bitcoin – Cointelegraph Magazine

März 31, 2023
SEC objects to XRP holders aiding Ripple defense

SEC objects to XRP holders aiding Ripple defense

März 31, 2023
Blockchain technology is transforming the real estate market – Cointelegraph Magazine

Blockchain technology is transforming the real estate market – Cointelegraph Magazine

März 31, 2023
1658612147 nfts banned in minecraft sec lists 9 tokens as securities.jpg

NFTs banned in Minecraft, SEC lists 9 tokens as securities and 3AC founder blames cockyness for company meltdown: Hodler’s Digest, July 17-23

März 31, 2023
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Zuckerberg: Facebook Would Quit Libra if Association Launched Prematurely

coinnewsdaily by coinnewsdaily
Oktober 23, 2019
in Business
0
Zuckerberg: Facebook Would Quit Libra if Association Launched Prematurely
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

WASHINGTON – Facebook CEO Mark Zuckerberg told lawmakers that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without all needed regulatory approvals.

In a hearing of the House Financial Services Committee Wednesday, Zuckerberg fielded pointed questions on a variety of controversial issues around the social network, from election meddling to housing discrimination to deepfakes. But Libra, the proposed price-stable cryptocurrency Facebook conceived and set up the association to run, was the foremost item on the agenda

Related articles

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022

And many of the CEO’s answers to lawmakers’ questions underscored Facebook’s official position is that it no longer controls the project.

Specifically, Zuckerberg reiterated his commitment to satisfying regulators’ concerns before launching Libra. Rep. Bill Huizenga (R-Mich.) homed in on the apparent tension between this pledge and the idea that the Libra Association is independent of Facebook, asking:

“You said that you won’t launch without U.S. regulator approval. What happens if the association decides to launch despite that?”

Zuckerberg replied to this hypothetical:

“I believe we would be forced to leave the association.”

In such a scenario, he went on, “I would hope that [the] association will weigh our recommendation and what we say publicly that we think should happen.

“If we don’t receive the clearances that we feel like we need to move forward and the association chooses to move forward without us then we will be in a position where we will not be a part of the association,” said Zuckerberg.

As remote as the possibility may seem, Facebook wouldn’t be the first member company to abandon Libra – Visa, Mastercard, PayPal and eBay all pulled out a few weeks ago.

When Rep. Ann Wagner (R-Missouri) asked why he thought they did so, Zuckerberg said: “It’s a risky project.”

Anonymous wallets

Similarly, Zuckerberg committed to preventing anonymous use of the Calibra wallet – but stopped short of promising lawmakers that the Libra cryptocurrency would never be used without identification.

Noting that the House had just passed a bill to crack down on shell companies, Rep Carolyn Maloney (D-N.Y.) asked Zuckerberg: “Will you commit to not supporting anonymous wallets for Libra?”

At first, he answered obliquely, telling Maloney:

“We see a range of cryptocurrencies. We are trying to build a safe and secure and regulated alternative. As a big company, we’re not going to do something that’s unregulated or decentralized. We want to get to the same standard on money laundering or CFT [counter-terrorism financing].”

Unsatisfied with the answer, the lawmaker pressed him.

“I don’t think you can have strong AML [anti-money-laundering practices] and anonymous wallets,” Maloney said. “I see this as a new loophole for criminals looking to hide money. Will, you commit to not having anonymous wallets? You’re creating a whole new currency that could potentially be anonymous.”

Zuckerberg answered that Calibra, the Facebook subsidiary developing a wallet for Libra, “is going to have strong identity [verification] and work with all the regulators to make sure we’re at the standard of AML or CFT that people expect.” But he added a caveat:

“I can’t speak for the whole association, you have my commitment from Facebook.”

The hearing is expected to continue into the afternoon. This article may be updated as more news rolls in.

Watch it live here:

Nathan DiCamillo contributed reporting

Image via House Financial Services Committee

 

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

How to Watch Mark Zuckerberg’s Grilling in Congress Today

Next Post

Price Analysis 23/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses
Business

IoTeX’s MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Juli 26, 2022
ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

Mai 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
Load More
Next Post
Price Analysis 23/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Price Analysis 23/10: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, TRX

Kategorien

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • 6 Questions for Rene Reinsberg of Celo – Cointelegraph Magazine
  • Judge denies SEC motion to keep Hinman docs secret in Ripple case
  • The ultimate guide to Miami – Cointelegraph Magazine
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

Please enter CoinMarketCap Free Api Key to get this plugin works.
✕
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev