If there is anything Facebook as a company dreads now, it’s another hearing. However, its happening again, as Mark Zuckerberg will be defending his product at Congress Financial hearings.
The previous hearing was on Facebook’s privacy concern, thanks to the Cambridge Anayltica Scandal. Various other privacy concerns followed, and the company was subsequently hit with a 5 billion dollars fine.
All that said, this hearing is about Libra Coin (remember the Facebook cryptocurrency?). Congress will be hearing a testimony by Mark on Libra and Calibra (Libra coin’s digital wallet).
All that Congress wants to hear is simple. How it will compete with the US dollar. If it poses any privacy, financial, trading or security concerns. Of course, Mark will say it doesn’t, but congress always has her way of doing things.
It was a tough one for Mark at the Cambridge Analytica hearings, this wouldn’t be any different. This hearing by the US House Committee on Financial Services is tagged “An Examination of Facebook and its impact on financial services and housing sector.
Back in July, a bill was proposed with the aim of “Keeping big tech out of Finance”. This was obviously aimed at Facebook, but surely affect the other big Tech companies.
Anyways, since the Facebook’s libra coin has generated issues with the government, the big players in the Libra Association are becoming doubtful. In fact, PayPal already pulled out of the association, while Mastercard and Visa are worried and might move.
Will troubles ever end for Facebook? Well, come October 23rd, we will find out what the future holds for the embattled Facebook Libra coin.