London Daily

Focus on the big picture.
Thursday, Mar 26, 2026

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
UK Government Rejects Cover-Up Claims After Theft of Former PM Aide’s Phone
Cyprus Opens Strategic Talks with UK Over Sovereign Base Areas
UK Faces Risk of Sharp Inflation Surge Despite Stable Pre-Crisis Figures
UK Police Arrest Two Over Suspected Antisemitic Arson as Iran Link Investigated
UK Inflation Holds at Three Percent Ahead of Oil Price Shock from Iran Conflict
UK Fuel Prices Face Upward Pressure as Global Oil Trends Raise Cost Outlook
Girlguiding UK Sets September Deadline for Membership Policy Change Affecting Trans Participants
Germany and UK Accelerate Wind Power Expansion to Strengthen Energy Security
UK Moves to Ban Cryptocurrency Donations to Political Parties Over Foreign Influence Concerns
UK and Turkey Finalise Major Air Defence Agreement Worth Billions
Apple Introduces Mandatory Age Verification for iPhone Users in the UK
Diverging Views Emerge Over Meghan Markle’s Planned Australia Appearance
Trump Signals Frustration with UK Leadership Amid Diverging Approaches to Iran Conflict
UK Government Takes Control of Hunterston B as Landmark Nuclear Decommissioning Begins
UK Public Inflation Expectations Jump Sharply in March, Raising Pressure on Bank of England
UK Ministers Warn Expanded North Sea Drilling Would Deepen Exposure to Global Energy Volatility
Delayed UK Defence Investment Plan Leaves Suppliers Under Severe Financial Strain
Can Iran Strike the UK? Assessing the Real Military Threat as Conflict Escalates
Sanctioned Iranian Banker Linked to Luxury Marbella Villa Through UK Corporate Structure
Casey Bloys Navigates HBO Max UK Launch, Paramount Integration and Industry Buzz Over Netflix Meeting
Iran Conflict Sparks Sharp Turbulence in UK Mortgage Market, Reaching Pandemic-Era Disruption Levels
Major Donor Urges University of Kentucky to Reconsider Mitch Barnhart’s Post-Retirement Role
United Kingdom Moves to Lead International Effort to Reopen Strait of Hormuz
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
UK Police Investigate Targeted Attack on Jewish Ambulance Vehicles
Senior UK Advocate Criticises Barnhart Retirement Appointment, Calls for Reconsideration
UK Finds No Evidence of Direct Iranian Threat to Britain, Says Prime Minister Starmer
Assessing Iran’s Strike Capability and the UK’s Readiness Amid Rising Tensions
NATO Unable to Confirm Iran’s Role in Strike on UK-US Base as Tehran Denies Involvement
University of Kentucky’s Youling Xiong Receives SEC Faculty Achievement Award for 2026
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
Trump Highlights Satirical Portrayal of UK Leadership Amid Talks with Prime Minister Starmer on Iran Conflict
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
UK Fuel Prices Surge Toward Crisis Levels as Experts Warn of Further Sharp Increases
Duchess of Sussex Secures ‘As Ever’ Trademark Rights in Australia Ahead of High-Profile Visit
UK Reaffirms Security as Officials Reject Claims of Immediate Iranian Missile Threat
Rising Middle East Tensions Spark ‘Trumpflation’ Debate Over Impact on UK Households
UK Minister Says No Evidence Iran Can Strike Europe Despite Heightened Warnings
British-Iranians Voice Safety Concerns to Authorities as Regional Conflict Intensifies
Confirmed Meningitis Cases Linked to Kent Outbreak Revised Down to Twenty
UK Government Sees No Evidence Iran Can Strike London Amid Rising Regional Tensions
Debate Grows Over Recognition of Indigenous Cultural Icons in the United Kingdom
Iran Missile Launch Toward Diego Garcia Raises Questions After Failed Strike on US–UK Base
Donald Trump Amplifies Viral Satirical Clip Highlighting UK–US Political Dynamics
UK Satirical Show Draws Attention with Sketch Referencing Trump and Prince Andrew
Meghan Markle’s Possible UK Return Sparks Renewed Attention on Sussex Role
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
Starmer Convenes Urgent Talks on Cost-of-Living Pressures Linked to Iran Conflict
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
UK Investors Eye Bargain Shares Ahead of ISA Deadline Amid Market Volatility
×