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 …
Social media giant Facebook, which is currently trying to get regulatory approval for its Libra stablecoin project, reportedly shared details regarding the project’s proposed backing reserves. According to a report by Bloomberg on Sept. 9, Facebook told United States senators about the backing reserves for the stablecoin — a type of cryptocurrency valued by a reserve currency, commodity or algorithm. Libra is backed by major national currencies Libra will reportedly be backed by several national currencies. These include the U.S. dollar, euro, Japanese yen, British pound and Singapore dollar. However, the Chinese yuan may be excluded from the group of …
A former economic adviser to United States President Donald Trump has expressed support for Facebook’s stablecoin Libra, Yahoo Finance reported on June 24. In an interview with Yahoo Finance, conservative economist and fellow at The Heritage Foundation Stephen Moore said that he thinks “on balance it is a good thing [Libra].” Moore stated: “It’s interesting, because this [Libra] represents a new challenge for central bankers that they now have competition from private currencies. Ethereum co-founder Joseph Lubin, by contrast, said that Facebook’s Libra token is like “a centralized wolf in a decentralized sheep’s clothing,” following the release of Libra’s white …
A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle. Meanwhile, lawmakers sponsoring the bill say stablecoins should be classified as securities to protect U.S. consumers. If passed, stablecoin projects like Libra will potentially fall under the purview of stringent U.S. securities regulations. Critics of the move remark that such measures only serve to further dampen the country’s position in the emerging digital landscape. Some commentators have long …
Mark Zuckerberg, the founder of social media giant Facebook, plans to tell United States Congress that Libra will not launch anywhere in the world until U.S. regulators approve it. Libra won’t launch anywhere without congressional approval According to Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services Committee, the Facebook CEO wants to assuage regulatory concerns over the launch of the coming stablecoin. He said: “Facebook will not be part of launching the Libra payments system anywhere in the world until US regulators approve.” However, that this phrasing is not the …