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Facebook CEO Tries to Allay Congressional Concerns about Planned Launch of Cryptocurrency

24
Oct,2019

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As Facebook CEO Mark Zuckerberg sought to allay lawmakers’ concerns Wednesday about the planned launch of a global digital currency, House Financial Services Committee Chairwoman Maxine Waters renewed her call to halt the launch and even suggested the company should be broken up.During testimony before the committee, Zuckerberg acknowledged the planned 2020 rollout is a “risky project,” but said the cryptocurrency would provide a secure method for millions of Americans who don’t have bank accounts to make low-cost fund transfers.“People pay far too high a cost, and have to wait too long, to send money home to their families abroad. The current system is failing them,”The scandal hurt Facebook’s reputation in Washington and fueled lawmakers’ concerns the company cannot be trusted to launch the digital currency to its 2.4 billion users.Facebook responded to the increased scrutiny in Washington by bolstering its lobbying operation. Public filings show Facebook is on track to spend $12.3 million to influence the federal government during the first nine months of this year, compared to $12.6 million for all of 2018.Facebook and other technology giants are being investigated by the Justice Department, the Federal Trade Commission and the House Judiciary antitrust subcommittee on allegations of abusing their market power to suppress competition. 


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