Zuckerberg to Congress: Back Our Cryptocurrency or China Wins – Fox News


 Mark Zuckerberg’s cryptocurrency has faced a barrage of bipartisan criticism over everything from privacy issues to Facebook’s ever-expanding power But in a Capitol Hill testimony Wednesday, Zuck is assuring regulators there’s nothing to fear about Libra In fact, he argues in his prepared remarks, if you don’t line up behind his digital coin, China wins “There are important risks that need to be addressed,” he acknowledges in the opening statement, released ahead of his Wednesday morning appearance before the House Financial Services committee “But I also hope we can talk about the risks of not innovating. While we debate these issues, the rest of the world isn’t waiting ” He adds, “If America doesn’t innovate, our financial leadership is not guaranteed ” Warning that that “China is moving quickly to launch similar ideas in the coming months,” the Facebook founder is arguing that Libra will foster greater financial inclusion—a line the social-media giant has been trotting out to paint the project as a noble pursuit “I think it’s really important to think about how many people in the world are not financially included in the banking system,” COO Sheryl Sandberg said onstage at the Vanity Fair New Establishment Summit Tuesday “By the way, not a shock, most of those are women,” she added. Zuckerberg and Co have adopted this high-minded posture as critics have excoriated the company for its handling of misinformation and user privacy, among other matters Addressing the “erosion of truth” his company has enabled during a speech at Georgetown University last week, Zuckerberg defended Facebook’s hands-off approach to the content it hosts: “I don’t think most people want to live in a world where you can only post things that tech companies judged to be 100 percent true,” he said Sandberg, too, spoke of the company’s altruism Tuesday, suggesting at one point that it hosts political ads for the collective good “We’re not doing this for the money,” she told Katie Couric. “We take political ads because we really believe they are part of political discourse ” Of course, the framing of Facebook as a virtuous engine for social good doesn’t exactly line up with how the company has behaved Zuckerberg repeatedly downplayed the role his company played in the spread of disinformation in 2016 He’s attempted to atone more recently, calling for greater regulation and transparency as lawmakers and others call for the company to be broken up But behind the scenes, he’s threatened to take on Elizabeth Warren or anyone else who might consider reining in his power “If someone’s going to try to threaten something that existential,” he told staffers in leaked audio of a recent meeting, “you go to the mat and you fight ” All that on its own would be enough to raise questions about whether Zuckerberg should really be trusted with your money Coupled with the possibility that Libra could totally upend the financial system, the cryptocurrency has been even more concerning to regulators and lawmakers, who have called for a moratorium “It is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” Financial Services chair Maxine Waters and her colleagues wrote in a letter in July, shortly after Facebook announced Libra  — How one industry is bleeding Wall Street dry of talent— Ronan Farrow’s producer reveals how NBC killed its Weinstein story— Ivanka’s $360 million deal is raising eyebrows at the FBI— The big turn for Elizabeth Warren’s campaign— Why a leading neurocriminologist left Joker completely stunned— The Fox News movie’s uncanny depictions of the network’s drama— From the Archive: The real-life story of the security guard turned bombing suspect at the heart of Clint Eastwood’s latest movie Looking for more? Sign up for our daily Hive newsletter and never miss a story Most PopularHas Mark Zuckerberg Found a Friend In Pete Buttigieg?By Eric LutzMark Zuckerberg Vows to “Fight” Elizabeth WarrenBy Eric LutzThe Fantastically Profitable Mystery of the Trump Chaos TradesBy William D Cohan

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