Mark Zuckerberg testifies before the Financial Services committee on Facebook’s cryptocurrency project.
Facebook chairman and CEO Mark Zuckerberg is scheduled to testify before the House Financial Services Committee Wednesday on the company’s troubled Libra cryptocurrency project as well as accusations that Facebook’s ad practices violate the Fair Housing Act. Facebook planned Libra as a digital currency that could open online purchasing to people who didn’t have access to bank accounts and also reduce the cost of sending money across borders. But after lawmakers and regulators raised concerns, major partners such as Visa, Mastercard and PayPal pulled out. Committee chairwoman Maxine Waters, D-Calif., said, “Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” in a statement reported by Reuters.
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