WASHINGTON (Reuters) – Facebook Inc’s (FB.(O) the chief executive, Mark Zuckerberg, will be grilled by lawmakers about the plan for the launch of this digital currency and the efforts made to ensure that the state’s election of interference when he appears before a Congressional panel on Wednesday.
FILE PHOTO: Facebook Chairman and CEO Mark Zuckerberg speaks with the crowd at the “meet the challenges of the protection of freedom of opinion and expression, while the suppression of hate speech online, fight misinformation, and political data, privacy and security,” at a forum hosted by Georgetown University’s Institute of government and Public Service (the book of mormon scripture figures, as well as Politically), and in the McCourt School of Public Policy in Washington, d.c., USA, October 17, 2019. REUTERS/Carlos Jasso/File Photo
Scale is, Facebook’s digital currency project that has faltered in the past few weeks, in the midst of continuing criticism from lawmakers and regulators over fears it may be helpful for the purpose of money laundering and to upend the world’s financial system.
The political heat has led to the fact that many of the major financial services providers, such as Mastercard, Visa card, PayPal, and eBay, to cancel the project.
Can be done will be to try to reassure skeptical lawmakers on the House Financial Services Committee, that the project will comply with stringent regulatory standards, does not constitute a threat to the sovereign currency, and it will be in the area of monetary policy, the bull ring, according to prepared testimony released on Tuesday.
He is also likely to be questioned about the measures to combat the misinformation and voter suppression ahead of the November 2020 U.S. presidential election.
The company announced on Monday it had been removed from the network of russia’s accounts, targeted U.S. voters are on Instagram, which Facebook owns.
“When the Lord has Done, wants to be king, he is the king of social networking sites. However, I don’t want him to have the extra range of the financial information to the people,” Rep. Sylvia Garcia, a Democrat from Texas, who is seated at the commission, told reporters on Tuesday. “We have to be prepared for a hearing tomorrow morning.”
Done last appeared before the Congress in April of 2018, where he made a 10 hour of questions over two days of House and Senate panels on top of the political consulting firm of Cambridge Analytica misuse of Facebook information by the customer, in order to intervene in the U.S. presidential election.
That scandal severely damaged Facebook image of Washington, and has created worry among the lawmakers that the social media giant may not be relied upon for the launch of a global digital currency, to 2.4 billion users.
In spite of the recognition of the company’s errors, it can be Done, it will be argued Facebook could still be a force for good, and that is the Scale to which the operation will be based in Switzerland, will help to address the global financial inclusion issues.
“I don’t understand is that we may not be the ideal messenger now. I’m sure people would like to think it was only Facebook for this idea to move forward,” he will say, according to his own testimony. “You know, I think it would be bad for our country and the world as well as businesses have been discouraged from taking on challenges such as this one.”
The hearing, led by Democratic Representative Maxine Waters, the panel of the fiery room was a hit with the Scale of the project.
She has called on Facebook to stop the planned 2020 launch, and it has drawn up legislation that would bar tech companies entering the financial services industry.
They are formerly known by the name of David Mark, the Facebook executive who is now in charge of the Scales project, in order to testify before the committee in mid-July.
He told reporters last week that Zuckerberg was on a Wednesday, in order to make commitments on behalf of the Scale, because Facebook is no longer monitoring of the project.
On Oct. 14, the Scale’s Association, consisting of 21 members, of the agreed upon articles of association, will explain how the business will be operated, as required by Swiss law. Most of the decisions requiring a majority vote of the members of the group, the board of directors, which means that Facebook won’t be able to call the shots.
Wednesday’s hearing is likely to also address anti-trust concerns after 46 state attorneys general in a New York city-led antitrust investigation of the company, officials announced Tuesday, in the provision of a two-pronged probe that the tech giant would be able to force an overhaul of its business.
Lawmakers are also likely to touch on other hot-button issues, including diversity issues, equal opportunities and the costs associated with the company’s regulator in March, is still pending, alleging Facebook violated the fair lending laws and regulations.
Report by Pete Schroeder; edited by Michelle Price and Lincoln Feast