Mark Zuckerberg testimony: what left the Facebook chief squirming? | Tech Wash

Mark Zuckerberg has just
testified to Congress for the first time
in about a year. On this occasion the hearing
in front of the House Financial Services Committee was
ostensibly about Project Libra, Facebook’s attempts to create
a new global digital currency. However, only about half
the members of the committee seem that interested
in Project Libra, despite its potential to
upend global monetary systems and even challenge the
dominance of the dollar. On Libra itself,
the Facebook chief will consider his job
relatively well done. He sounded a note
of humility, talking about if, not when the
project would launch, and also admitting that Facebook
was not necessarily the best message carrier
here, given the host of other political
controversies the company faces. It was when talking about those
other political controversies that the Facebook chief
executive came under the most pressure, however. On two notable occasions,
he came under heavy fire from Democrats on the committee. The first of those occasions
was when Joyce Beatty said she was unconvinced by the
company’s attempts to create a new civil rights task force. When told that Sheryl Sandberg,
the company’s chief operating officer, would be in
charge of that task force, she said, come better
than that for me. The second occasion was
when rising star Alexandria Ocasio-Cortez grilled
the Facebook chief executive on which
companies they use to fact check on the website. She revealed that one of them
was the rightwing website Daily Caller, which caused
Mr Zuckerberg to squirm visibly in his chair. Now, this week I want to try
something new on the blog. Each week I’m going to
attempt to answer one of our readers’ or
viewers’ questions. This week the question
is from Ursula Green. Ursula asks, what
exactly can regulators do to stop Project
Libra if they want to? Well, Ursula, the
answer is they don’t have to do anything at all. Facebook, and now
Project Libra, have said that they will not
launch this currency without the go-ahead
from regulators, both in the US and Europe. Other companies might choose
to launch such a product and simply challenge regulators
to take action against it, but Facebook and Project
Libra have now ruled that out. So that option
isn’t open to them. Thanks very much
for the question. And if anybody would
like to ask a question to be answered in a
future blog, please do so in the comments
section below.

14 thoughts on “Mark Zuckerberg testimony: what left the Facebook chief squirming? | Tech Wash”

  1. Hello,
    I have heard that People's Bank of China is also working on a similar currency project which have the potential to increase the use of Yuan globally. If US regulators don't allow FB to go ahead with Libra can China end the US dominance in financial markets much like what Zuckerberg said about innovation to congress?
    What are your views?

    And obviously sir, Big Fan ๐Ÿ™‚

  2. What is wrong with a 'right wing' organization fact checking? The left ones have not been exactly brilliant. BTW the Nazis were left wing.

  3. Facebook is run by a huge bunch of liars and thieves and one big crook. Why people still use it makes your mind boggle…. it steals from you dont you get it.

  4. My question is, why is Zuckerb never scrutinised by people who understand the industry and the technology?
    Time after time he is questioned in front of politicians who haven't got a clue what questions to ask and don't understand his answers.
    There needs to be an international, independent industry regulator to act on behalf of governments worldwide.

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