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Mark Zuckerberg Could Be In Hot Waters Again. This Time For Its Cryptocurrency!

In past Facebook has face criticism and bashing over privacy breach and data manipulation. Yet again, Mark Zuckerberg will take the hot seat yet again on Wednesday when he testifies before the House Financial Services Committee to answer questions about his company’s impact on the financial services and housing sectors.

The court hearing will be as Facebook continues to push a new cryptocurrency-based payments system, called Libra that is still moving forward despite heavy scrutiny from lawmakers and the departure of key founding partners.

Earlier this month, the committee chairwoman of congress revealed that Facebook CEO will testify as to the sole witness during the hearing. David Marcus, the Facebook executive that’s been spearheading the Libra project through a subsidiary called Calibra, testified before the committee in July.

Business Insider reported that, back then, lawmakers grilled Marcus over a variety of concerns — including how the currency would be regulated, why Facebook should be trusted given its previous privacy blunders, how apps designed for the currency would be approved and vetted, and what measures will be put in place to prevent criminals from using Libra in nefarious ways, among other issues.

Later a draft bill called the “Keep Big Tech out of Finance Act” was also announced at the hearing, which would prevent a platform company like Facebook from becoming a registered financial institution in the United States.

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