Congress isn’t buying Mark Zuckerberg’s pitch for Libra
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Facebook CEO Mark Zuckerberg sat before dozens of members of Congress on Wednesday, charged with the goal of convincing them that the company’s foray into cryptocurrency is a good idea. But nearly every lawmaker who spoke today took Zuckerberg to task over the company’s past failures, calling on him and Facebook to make efforts to regain their trust before moving forward with the Libra project.
At the top of the House Financial Service Committee’s hearing with Zuckerberg, Chairwoman Maxine Waters (D-CA) laid out her grievances with Facebook and expressed skepticism over the company’s cryptocurrency plans. Whether it was the platform’s role in Russian election interference in 2016 or its recent decision not to fact-check political ads,…