Facebook COO Sandberg in Talks to Testify On Libra Before The House

Facebook’s chief operating officer Sheryl Sandberg is in talks with the House Financial Services Committee to testify on Libra, Facebook’s stablecoin.

Discussions on market power and Libra

According to a Bloomberg article from Sept. 26, Facebook is currently trying to get its chief operating officer Sandberg in front of the House Financial Services Committee, perhaps as soon as next month.

Sandberg is expected to testify on the social media giant’s global market power and its plans to launch its stablecoin Libra in 2020, a source familiar with the talks told Bloomberg.

Sanberg’s previously testified in front of the Senate Intelligence Committee concerning data privacy, security and the U.S. presidential election-related misinformation campaigns on Facebook’s platform in 2016.

Mr. Zuckerberg goes to Washington

This testimony would follow a recent visit from Facebook's CEO Mark Zuckerberg in Washington, D.C., where he had dinner with a handful of United States lawmakers, concerned over Facebook’s proposed Libra stablecoin project. 

Democratic Senator Mark R. Warner said Zuckerberg heard “consistent concerns about privacy, concerns around vile content and how it came to be dealt with.”

Facebook still set on 2020 Libra Launch

Last week David Marcus, head of Calibra at Facebook, signaled that a 2020 launch for Libra remains the goal, despite regulators’ pushback, by saying that the team behind Libra would address all concerns to create a suitable regulatory environment.