A Bloomberg report published on September 27, 2019, claims that multi-billion social media giant Facebook Inc. is in talks with a prominent congressional committee for its Chief Operating Officer (COO) Sheryl Sandberg to testify as soon as the next month.
Facebook Pushing for Libra Approval
Per sources close to the matter, Facebook is leaving no stones unturned to make sure that its highly anticipated cryptocurrency project, Libra, receives the green light from the U.S. financial regulators.
In the latest development, the blue and white social media titan is said to be in talks with a congressional committee to allow Sandberg to appear at a hearing as soon as the fourth week of October 2019. The report adds Facebook officials are still negotiating the details of the hearing with the House Financial Services Committee. One of the sources close to the matter told Bloomberg that the matter could even be delayed until the later part of 2019.
Facebook declined to comment on the latest development. Similarly, a spokeswoman for the House Financial Services Committee didn’t respond to a request for official commentary, the report reads.
Interestingly, Sandberg’s hearing would follow July appearances by Facebook executive and Libra co-creator, David Marcus, who found himself on the receiving end of sharp questions from House and Senate representatives. At the time, the congressmen asked Marcus whether a company with as much market power as Facebook could be trusted with the creation of a global digital currency like Libra and whether it might be misused to finance illegal and criminal activities.
Regulators Continue to Remain Unbudged
Ever since Facebook announced the launch of its ambitious crypto project in June 2019, things haven’t been particularly hunky-dory for the Mark Zuckerberg-led enterprise.
Regulators the world over have been skeptic of the magnitude of power a cryptocurrency like Libra could command over the world of global finance. What’s more worrisome is that many believe that Libra is nothing short of a genie in a bottle which once released will almost be impossible to contain back in its receptacle.