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Home / Business / Prior to Zuckerberg testimony, new setback for Libra – Axios

Prior to Zuckerberg testimony, new setback for Libra – Axios



Facebook CEO Mark Zuckerberg plans to testify to Libra, Facebook's proposed global cryptocurrency, Oct. 23 – in the wake of Visa, Mastercard, eBay, Stripe and PayPal withdrawing from the project.

The big picture: Visa, Mastercard and Paypal were the largest payment companies
in Facebook's "Founding Members" group, or organizations that said it would support the Swiss-based foundation that plans to administer Libra cryptocurrency.

What they & # 39; says:

" I would warn against reading the fate of Weight in this update. Of course, this is not good news in the short term, but in a way it is liberating. Stay tuned for more soon. Change this magnitude is difficult. You know you're on something when so much pressure builds up. "

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1; David Marcus, the Facebook manager who oversaw Vågen, tweeted on Friday

What to see : Zuckerberg's testimony comes after "lawmakers, central bankers and regulators" have "expressed deep concerns" about the project, reports the Wall Street Journal.

  • Rep. Maxine Waters chair of the House Financial Services Committee as Zuckerberg will testify, has described Libra as "a new Swiss-based financial system" that "is potentially too big to fail and may require a taxpayer's rescue," reports the AP.

Go deeper: More companies drop from Facebook-led cryptocurrency plan


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