London Daily

Focus on the big picture.
Sunday, Sep 14, 2025

Congress grills Facebook boss over currency plan

Congress grills Facebook boss over currency plan

Facebook CEO Mark Zuckerberg has tried to reassure sceptical US lawmakers over the safety of the social network's proposed digital currency Libra.

At a fractious hearing in Washington, members of Congress attacked plans for the payment system, warning it could be abused by criminals and terrorists.

Mr Zuckerberg was also challenged over claims that he had lied to US regulators in the past.

But he promised Libra would not be launched without government approval.

He said Facebook would leave the Libra Association if the consortium tried to launch a cryptocurrency without the permission of US regulators.


What are the concerns about Libra?

Mr Zuckerberg's appearance before the House Committee on Financial Services comes after a tough month for the Libra project.

Eight of the 28 founding members of the Libra Association - set up to independently govern the currency - have pulled out. They included Mastercard, Visa, eBay and PayPal.

Meanwhile, regulators around the world continue to express concern about the project. The G7 group of nations has vowed to block it unless Facebook can prove it is safe and secure.

There are concerns the currency could be used for money laundering, disrupt the global financial system, or give Facebook too much control over user data.


How did Zuckerberg respond?

He told the hearing that he understood the reservations about Libra but was determined to persevere.

"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 that was helping to propose this," he said.

"But there is a reason we care about this and that's because Facebook is about putting power into people's hands."

He said Libra was a prime example of "American innovation" and could help more than a billion adults without a bank account worldwide.

Facebook would not control the Libra Association and would instead occupy one seat on a governing board of five, he added.


Grilling or roasting?

As is often the case when Mark Zuckerberg is in Congress, the agenda deviates from the subject at hand.

One exchange stood out, and it wasn't about Libra. Ann Wagner, a Republican congresswoman for Missouri, said that Facebook's plan to introduce end-to-end encryption on its Messenger app would make it harder for authorities to discover instances of images of child sexual abuse being shared.

That matters: 12m such images were shared on Facebook last year. It's by far the biggest platform for that kind of illegal material sharing.

While other services, like WhatsApp and Apple's iMessage, are encrypted, experts in child safety say the main Facebook platform is of greater concern when it comes to paedophiles searching for, finding, and grooming children - all on the same platform.

"What are you doing to shut this down?" Ms Wagner demanded to know.

Mr Zuckerberg cited tools developed by Facebook to detect the material, but eventually admitted: "It will be harder to find some of this behaviour."

He'll need to find better answers - or face a scandal that may well dwarf all the others.


What did other panel members say?

Mr Zuckerberg's testimony was largely met with scepticism as members of Congress focused on the social network's past failings in areas such as data protection.

Maxine Waters, the Democratic chairwoman of the panel, pointed out that the social network was the subject of an antitrust investigation. She said it had "allowed" Russia to interfere with the US election in 2016.

It had "huge" reach, with an audience of 2.7 billion users, she said, adding: "Perhaps you feel you are above the law?"

She said it would be "beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project".

Newsletter

Related Articles

0:00
0:00
Close
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
Pig Heads Left Outside Multiple Paris Mosques in Outrage-Inducing Acts
Nvidia’s ‘Wow’ Factor Is Fading. The AI chip giant used to beat Wall Street expectations for earnings by a substantial margin. That trajectory is coming down to earth.
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
On the Anniversary of Queen Elizabeth’s Death: Prince Harry Returns to Britain
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Murdoch Family Finalises $3.3 Billion Succession Pact, Ensuring Eldest Son’s Leadership
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Court Staff Cover Up Banksy Image of Judge Beating a Protester
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
Elon Musk Poised to Become First Trillionaire Under Ambitious Tesla Pay Plan
France, at an Impasse, Heads Toward Another Government Collapse
Burning the Minister’s House Helped Protesters to Win Justice: Prabowo Fires Finance Minister in Wake of Indonesia Protests
Brazil Braces for Fallout from Bolsonaro Trial by corrupted judge
The Country That Got Too Rich? Public Spending Dominates Norway Election
Nearly 40 Years Later: Nike Changes the Legendary Slogan Just Do It
×