Zuckerberg Testifies for his Cryptocurrency in Front of Congress

Zuckerberg Testifies for his Cryptocurrency in Front of Congress

Facebook CEO Mark Zuckerberg was hurled with a range of questions about the various policies of the social media company at his hearing in Capitol Hill, Washington DC on Wednesday. Zuckerberg was present in front of the US Congress to testify for the company’s ambitious new cryptocurrency project.

However, Zuckerberg faced questions regarding a number of pressing concerns linked with banking, content moderation, hate speech, political advertisements, etc., on the social media platform. Zuckerberg was reportedly left in a perturbed state by the compelling questions of some of the committee members in the hearing that ran close to six hours. The hearing titled  “An Examination of Facebook and its Impact on the Financial Services and Housing Sectors” was chaired by Maxine Waters (D-Calif.)  The Facebook CEO was questioned by Waters on his intentions to develop a cryptocurrency that challenges the US dollar.

Testifying for the cryptocurrency project, Zuckerberg said at the hearing, “I believe that this is something that needs to get built.” His opening remarks followed: “but I get that I’m not the ideal messenger for this right now. We’ve faced a lot of issues over the past few years, and I’m sure there are a lot of people who wish it were anyone but Facebook who were helping to propose this.” Zuckerberg assured the Congress that the company will not go ahead with the digital currency project in any other part of the globe without the approval of US regulators.

Zuckerberg was additionally asked a number of questions regarding the social media platform’s involvement with the promotion of hate speech, violation of civil rights, white supremacy, etc. Rep. Joyce Beatty (D-Ohio) said directing Zuckerberg, “In your opening statement, you talked a lot about civil rights. I think we should probably phrase it a little differently: that your work with civil rights work is a result of the number of lawsuits you’ve had.”

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