Facebook Wants COO Sheryl Sandberg to Testify in the US

Social media company Facebook is in talks with the House congressional committee to put its chief operating officer Sheryl Sandberg on the stands to testify on Libra, Bloomberg reported on Friday.

Though the company is pushing for the hearing as soon as late October, due to the schedule of the House Financial Services Committee, this date might get pushed to later this year.

The COO is expected to face questions on the social media giant’s ambitious cryptocurrency project, the launch of which is facing hurdles from global regulators.

In July, David Marcus, Facebook’s head of crypto project, testified in front of both the House and the Senate. He faced harsh questions from US lawmakers and failed to clarify every aspect of the project.

Announced in June, the company is aiming to roll out the digital currency to its users by mid-2020. However, due to regulatory setbacks Mark Zuckerberg, founder and CEO of Facebook, recently raised doubts on Libra’s launch date.

Facebook earlier revealed that it would not launch Libra to its users before receiving regulatory approvals in all markets, especially in the United States. Multiple lawmakers in the US also requested the company to halt its digital currency development until the regulatory concerns are resolved.

The Menlo Park-headquartered company is also trying to influence lawmakers in Washington and has hired an army of lobbyists to push for friendly blockchain policies.

Will Libra see the light?

Meanwhile, regulators in the United States are not the only concerns for the social media company as the pushback is even harder in other parts of the world. Recently, French and German finance ministers vowed to block the launch Libra in Europe, raising concerns over threats to monetary sovereignty.

In the east, the Bank of Japan chief also urged global regulators to cooperate for the regulations on Libra and wants the highest regulatory standards to be imposed in the digital currency.

(Photo: World Economic Forum)

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