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Crypto Facebook Policy

Zuckerberg to Warn of China Threat in Libra Hearing

Facebook CEO Mark Zuckerberg will play up growing tensions between the U.S. and China, while also promising that the company’s embattled Libra digital currency won’t launch without the approval of U.S. regulators, according to prepared testimony he will make before the House Financial Services Committee on Wednesday.

“Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world,” Zuckerberg’s written testimony reads. “If America doesn’t innovate, our financial leadership is not guaranteed.”

This China versus the U.S. rhetoric has quickly become a favorite talking point for Facebook executives, as trade tensions continue to escalate and government scrutiny of Facebook’s business grows stronger. Regulators have been fiercely skeptical of Libra in particular, and Zuckerberg will attempt to assuage those concerns on Capitol Hill this week by arguing that Libra “is not an attempt to create a sovereign currency.” 

Whether regulators will see past Facebook’s scandals and buy Zuckerberg’s arguments is another matter entirely.

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