Mark Zuckerberg Confirms to Rep. Huizenga that Facebook's Libra Cryptocurrency must Receive U.S. Approval to move forward
Washington, October 23, 2019
Today, when asked by Congressman Bill Huizenga (MI-02), Facebook Co-founder and CEO Mark Zuckerberg testified before Congress that if the Libra Association did not get U.S. regulatory approval before launching Libra, Facebook would be forced to leave the association. This exchange solidifies that Libra must get approval from U.S. regulators before its launch. The video and transcript of Congressman Huizenga’s exchange with Mr. Zuckerberg are included below.
Congressman Huizenga: You said that you won’t launch without U.S. regulator approval. What happens if the association decides to launch despite that?
Mark Zuckerberg: Congressman, then I believe we would be forced to leave the association. I would hope that the association will weigh our recommendation and what we say publicly that we think should happen. If at the end of the day, we don’t receive the clearances that we feel like we need to move forward and the association chooses to move forward without us, then we will be in a position where we will not be a part of the association.