The move comes ahead of Facebook CEO Mark Zuckerberg’s testimony on Libra before the House of Representatives Financial Services Committee on Oct. 23. Announcing the meeting, Congresswoman Maxine Waters mentioned the draft bill “Keep Big Tech Out of Finance Act,” which is designed to ban large tech firms from getting licensed as financial institutions in the United States.
Previously, Calibra wallet CEO David Marcus testified before the House Financial Services Committee and the Senate Banking Committee in regard to Libra’s development and its features. Marcus claimed that Facebook intends to be compliant with the U.S. Financial Crimes Enforcement Network in distributing Libra.
However, some lawmakers met Marcus’ statements with skepticism and concern. Earlier today, U.S. Treasury Secretary Steven Mnuchin attributed the recent spate of firms abandoning Facebook’s Libra stablecoin project to regulatory concerns, although some industry stakeholders believe that policymakers pressured companies to leave the project.
