London Daily

Focus on the big picture.
Monday, Jan 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
Diego Garcia and the Chagos Dispute: When Decolonization Collides With Alliance Power
Inside the Greenland Annexation Scare: How a NATO Ally Dispute Turned Into a Global Stress Test
Trump Claims “Total” U.S. Access to Greenland as NATO Weighs Arctic Basing Rights and Deterrence
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
U.S. winter storm triggers 13,000-plus flight cancellations and 160,000 power outages
Poland delays euro adoption as Domański cites $1tn economy and zloty advantage
White House: Trump warns Canada of 100% tariff if Carney finalizes China trade deal
PLA opens CMC probe of Zhang Youxia, Liu Zhenli over Xi authority and discipline violations
ICE and DHS immigration raids in Minneapolis: the use-of-force accountability crisis in mass deportation enforcement
UK’s Starmer and Trump Agree on Urgent Need to Bolster Arctic Security
Starmer Breaks Diplomatic Restraint With Firm Rebuke of Trump, Seizing Chance to Advocate for Europe
UK Finance Minister Reeves to Join Starmer on China Visit to Bolster Trade and Economic Ties
Prince Harry Says Sacrifices of NATO Forces in Afghanistan Deserve ‘Respect’ After Trump Remarks
Barron Trump Emerges as Key Remote Witness in UK Assault and Rape Trial
Nigel Farage Attended Davos 2026 Using HP Trust Delegate Pass Linked to Sasan Ghandehari
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
BlackRock Executive Rick Rieder Emerges as Leading Contender to Succeed Jerome Powell as Fed Chair
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
FBI and U.S. prosecutors vs Ryan Wedding’s transnational cocaine-smuggling network: the fight over witness-killing and cross-border enforcement
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Apple and OpenAI Chase Screenless AI Wearables as the Post-iPhone Interface Battle Heats Up
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
OpenAI’s Money Problem: Explosive Growth, Even Faster Costs, and a Race to Stay Ahead
Trump Reverses Course and Criticises UK-Mauritius Chagos Islands Agreement
Elizabeth Hurley Tells UK Court of ‘Brutal’ Invasion of Privacy in Phone Hacking Case
UK Bond Yields Climb as Report Fuels Speculation Over Andy Burnham’s Return to Parliament
America’s Venezuela Oil Grip Meets China’s Demand: Market Power, Legal Shockwaves, and the New Rules of Energy Leverage
TikTok’s U.S. Escape Plan: National Security Firewall or Political Theater With a Price Tag?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
The Greenland Gambit: Economic Genius or Political Farce?
Will AI Finally Make Blue-Collar Workers Rich—or Is This Just Elite Tech Spin?
Prince William to Make Official Visit to Saudi Arabia in February
Prince Harry Breaks Down in London Court, Says UK Tabloids Have Made Meghan Markle’s Life ‘Absolute Misery’
Malin + Goetz UK Business Enters Administration, All Stores Close
EU and UK Reject Trump’s Greenland-Linked Tariff Threats and Pledge Unified Response
UK Deepfake Crackdown Puts Intense Pressure on Musk’s Grok AI After Surge in Non-Consensual Explicit Images
Prince Harry Becomes Emotional in London Court, Invokes Memory of Princess Diana in Testimony Against UK Tabloids
UK Inflation Rises Unexpectedly but Interest Rate Cuts Still Seen as Likely
AI vs Work: The Battle Over Who Controls the Future of Labor
Buying an Ally’s Territory: Strategic Genius or Geopolitical Breakdown?
AI Everywhere: Power, Money, War, and the Race to Control the Future
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
Trump vs the World Order: Disruption Genius or Global Arsonist?
×