Facebook COO Sheryl Sandberg said to meet US Congress to discuss Libra stablecoin
September 27, 2019, 2:20AM EDT
1 min read
Sheryl Sandberg, the chief operating officer (COO) of Facebook, is expected to testify before U.S. Congress next month to discuss the social media giant-led proposed stablecoin, Libra.
Facebook is negotiating details with the House Financial Services Committee for a hearing to be held as soon as late October, Bloomberg reported Friday, citing “people familiar with the talks.” The hearing could also get delayed to later in the year, one of the people said.
In July, Facebook executive and Libra co-creator David Marcus testified before the U.S. House of Representatives and the U.S. Senate. and faced sharp questions and intense criticism. Ohio Senator Sherrod Brown, for instance, called Facebook “dangerous” and unworthy of Americans’ trust. Other lawmakers have called for a halt in the development of the proposed stablecoin.
Not only from House and Senate, but the Libra project has also faced heat from politicians and regulators around the world, who have expressed their concerns around threats to monetary sovereignty and financial stability. The project was announced in mid-June and aims to serve the unbanked and facilitate low-fee money transfers globally.
Facebook executives, including Marcus and CEO Mark Zuckerberg, have promised on several occasions that Libra won't launch until all concerns are addressed.