Mark Zuckerberg is preparing to defend Facebook Inc.’s cryptocurrency project, which has continued to face steady scrutiny from lawmakers on both sides of the aisle. In prepared remarks for a congressional hearing on Wednesday, he highlights financial access issues around the world, and argues his firm is seeking to offer a solution.
“People pay far too high a cost—and have to wait far too long—to send money home to their families abroad,” the chief executive officer writes. “The current system is failing them,” he continued, adding that he believes Libra can be a big step in the right direction.
Wednesday’s House hearing is titled: “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” While other topics are open for discussion, Libra, the company’s newly proposed cryptocurrency, is poised to be the main focus. There will also probably be questions about Facebook’s targeted ad business. Facebook has been accused of letting advertisers discriminate with their ads on the network. Politicians, though, are free to ask whatever they want.
In his testimony, Zuckerberg goes on to say that he understands the risks involved with Libra, but says his company is working hard to address those concerns, and that lawmakers can’t ignore the risk involved in stopping the project and not innovating.