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Facebook Seeks to Have Its COO Testify in the US Regarding Libra’s Development

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Sheryl Sandberg to testify on Libra

Facebook is in talks with the US House congressional committee to allow its COO, Sheryl Sandberg to testify on Libra. A report unveiled this news on September 27, noting that the social firm is pushing for the hearing to be in October. However, the schedule of the House Financial Services Committee might push this hearing for later this year.

According to the report, Sandberg is set to address questions that the committee has regarding the Libra project.

This news comes after David Marcus, the head of Calibra testified against both the House and the Senate. Taking the stand saw him face tough questions from US legislators. While Marcus tried to answer their questions, he failed to clarify every aspect of the Swiss-based project.

Facebook Won’t Roll Out Libra Until Regulators are Happy

Facebook announced the Libra project in mid-June, noting that it sought to launch the project in the coming year. However, after the official announcement, Libra began facing regulatory hurdles. As a result, the social firm’s CEO, Mark Zuckerberg showed some skepticism on the project’s launch date.

In a previous report, the social firm unveiled that it would not launch the project until global regulators were satisfied.

David Marcus said,

The time between now and launch is designed to be an open process and subject to regulatory oversight and review. We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.

Increasing Concerns from Regulators Across the Globe

While US watchdogs have been very vocal about their concerns over Libra, they are not the only ones opposing its launch. Benoît Cœuré, an official of the European Central Bank, said the project still has a lot of concerns to address before it can go live.

He stated that,

These initiatives raise formidable challenges across a broad range of policy domains. Of particular concern are the risks related to anti-money laundering and countering the financing of terrorism, as well as consumer and data protection, cyber resilience, fair competition, and tax compliance,

However, Cœuré noted that the project has what it takes to improve the cross-border payments sector.

Apart from this, the head of the Bank of Japan, Haruhiko Kuroda also called on global regulators to work together in regulating Libra.

According to him,

If Libra is introduced, it could have a huge impact on society.

Before this Facebook hired a lobbying firm to help ease regulatory pressure on the Libra project. The social firm unveiled that it had contracted FS Vector to help it with issues related to blockchain policy.

Do you think Facebook’s decision to have Sheryl Sandberg on Libra might help expedite the project’s launch? Let us know in the comments below.

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