London Daily

Focus on the big picture.
Saturday, Oct 17, 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
Former UUP leader Jeffrey Donaldson sentenced to 15 years in prison for historical child sex offences
UK ministers adopt independent commission blueprint to fast-track AI in the NHS
Labour leadership orders local councillors to end power-sharing deals with Green Party
UK government considers regulatory intervention in proposed Sky and ITV merger
Environment Agency declares severe drought across six English regions as reservoirs hit critical lows
NHS England issues new guidance prohibiting transgender women from female-only wards
Norwegian teenager sentenced to 20 years for part of Iran-backed assassination plot in Britain
UK government threatens complete visa ban on Eritrea over refusal to accept deportees
UK Treasury lobbies UBS to move global headquarters to London amid banking sector tax threats
MI5 Warns of Growing Russian Sabotage and Espionage Threats Across Britain
UK Prime Minister Andy Burnham Plans Brussels Talks to Renegotiate Post-Brexit Trade Deal
MI5 Warns of Rising Russian and Iranian Sabotage Threats to British Military Facilities
UK Prime Minister Andy Burnham Pledges Closer EU Ties as MI5 Reveals Russian Brexit Interference
UK Orders Security Review Following Reported Killing of Former Politician Ann Widdecombe
UK Prime Minister Andy Burnham Meets German Chancellor Merz to Strengthen European Security Ties
Nearly 100,000 NHS Patients Treated in Hospital Corridors as England Braces for Winter Pressures
UK Government Rejects US-Russia Diesel Agreement and Reaffirms Sanctions Against Moscow
UK and Germany Agree to Deepen Security and Economic Cooperation Following Berlin Talks
British Prime Minister Burnham Pledges Closer EU Ties During Visit to Germany
UK Announces New Sanctions on 17 Russia-Linked Entities During Foreign Secretary's Ukraine Visit
UK and Germany Finalize Kensington Treaty to Strengthen Defense and Technology Cooperation
Britain Maintains Diplomatic Mission in East Jerusalem Despite Israeli Closure Deadline
English Councils Push Government to Rethink Proposed Funding Cuts
Scottish Homebuilding Falls to Lowest Level in 11 Years
BBC Chief Matt Brittin Defends Restructuring as Staff Challenge Job Cuts
UK Finance Warns High Energy Costs and Bond Yields Are Complicating Fiscal Outlook
UK Adopts All 44 Recommendations on Regulating AI in Healthcare
Chancellor John Healey Prepares Autumn Budget as Borrowing Costs Strain Public Finances
UK Investigators See Strong Indications of Iranian Link After RAF Fairford Security Operation
Laura Trott Pledges Tighter Controls on Political Activism in UK Classrooms
Welsh Ministers Launch Long-Term Review of North Wales and Anglesey Crossings
Welsh Government Orders 18-Month Study of Road Solutions Around Newport
Reform UK MP Sarah Pochin Faces Scrutiny Over £800,000 Second Home Purchase
British Households Grow More Concerned About Fuel and Energy Prices
NHS Leaders Warn of Rising Winter Pressure on Emergency Departments
Kemi Badenoch Proposes £2.3 Billion Employer National Insurance Cut for Young Workers
Middle East Conflict Could Erase UK Fiscal Headroom, Economists Warn
Manchester City Found Guilty of Multiple Premier League Financial Rule Breaches
UK Security Services Find Strong Indications of Iranian Role in RAF Fairford Incident
Costa Coffee Returns to Operating Profit on Iced Drinks and Menu Changes
Asos Warns Customers After Unauthorized Access to Retail App and Data
Kemi Badenoch Puts Growth and Deregulation at Center of Conservative Conference
Campaigners Warn of Deepening Social Care Crisis for Disabled Adults
Study Finds Rising Early-Onset Cancer Rates Among Adults Under 50 in Britain
UK Coach Operators Warn High Diesel Prices Could Force Route Cuts
FCA Opens Independent Review Into Handling of Epstein-Linked Whistleblower Case
Argentina Vows to Block Falkland Islands Offshore Oil Development
UK Chancellor Prepares Fiscal Measures and Welfare Reforms Ahead of Autumn Budget
Sainsbury’s and Morrisons Explore Potential Multi-Billion-Pound Merger
UK Weighs Tariffs on Chinese Electric Vehicles to Align With European Union
×