Mark Zuckerberg was in Washington for a meeting with policymakers to talk about issues on privacy, competition, handling of content and a lot more as regards Facebook’s stable coin, Libra.
According to Bloomberg’s September 19 report, this meeting occurs after Libra, Facebook’s proposed stable coin has been subjected to an entire summer of immense scrutiny and extensive examination by US regulators and policymakers.
Facebook spokesperson Andy Stone indicated in a statement that the visit with the policymakers would involve discussions about internet regulation in the future. Already, Democrat senator and ranking member of the Intelligence Committee Mark Warner has helped to organize a dinner this week for Zuckerberg and other US senators, reportedly at the behest of Facebook.
At this dinner, the participants discussed multiple issues including the roles and responsibilities that social media platforms had in protecting America’s democracy and the steps Congress should take to defend the country’s elections, protect the consumer’s data, and encourage fair competition in the social media space.
Also, Zuckerberg plans to meet with Democrat senator, Maria Cantwell of Washington state, who is currently on the Senate Commerce Committee as it debates new legislation on privacy.
There is also scheduled to meet with Adam Schiff, who is the House Intelligence Chairman of California, however, the detailed information about the appointment is still unknown.
Libra Facing Resistance From Every Side
At the last congressional hearings dedicated to Libra which held in July of this year, U.S. Rep., Maxine Waters, who is the Chair of the United States House of Representatives’ Financial Services Committee, made the connection between concerns brought up about previous Facebook controversies and the company’s bid to launch a stable coin.
Maxine had already expressed her disapproval by requesting that Facebook halts all operations on Libra after the project was unveiled in June.
She went on to say that the organization has shown a pattern of failing to keep its customers’ information data and that they had connived with the Russians to purchase and target ads to influence the United States presidential election in 2016.
A lot of U.S. lawmakers still express their concerns about allowing a large tech organization to create a privately owned and operated alternative global digital currency.
Already, there has been numerous disapproval of the digital currency around the globe. The French Finance Minister, Bruno Le Maire characterized Libra as a threat to the monetary sovereignty of traditional currencies and economies.
Additionally, he brought up concerns over various issues like the invasion of privacy, money laundering, and terrorism financing. He said that Facebook shouldn’t be allowed any more access to people’s private information. Facebook has been involved in a lot of privacy invasion scandals, much recent was the Cambridge Analytica data scandal, which shook the core of the company.