On 27 September 2019, CNBC <a href="https://www.cnbc.com/2019/09/27/sheryl-sandberg-in-talks-to-testify-on-facebooks-cryptocurrency-libra.html">reported</a> that Facebook is in talks with the House Financial Services Committee to have COO Sheryl Sandberg testify on behalf of the company's new Libra cryptocurrency early next month.
Facebook hopes to use Sandberg's testimony to show the Congress that they are taking the necessary steps to ease all the fears raised about Libra cryptocurrency.

Sandberg's plan to testify marks yet another visit from a Facebook's top executive to DC, after Facebook's CEO Mark Zuckerberg. Zuckerberg <a href="https://www.washingtonpost.com/news/the-switch/wp/2018/04/11/transcript-of-zuckerbergs-appearance-before-house-committee/">appeared</a> before a US House Committee on Energy to discuss technology regulations including content moderation and competition policy.
<h2>Facebook's Continued Defense of Its Yet to Be Launched Cryptocurrency</h2>
<a href="https://www.cryptoknowmics.com/crypto/zuckerberg-dines-with-us-republicans-uneasy/">Facebook</a>, through its Geneva-based Libra Association, maintains that Libra's intention is not to replace existing currencies. Bertrand Perez, Managing Director for Libra Association, <a href="https://www.businessinsider.com/libra-cryptocurrency-not-out-to-replace-existing-money-project-head-2019-9?IR=T">said;</a> 
<blockquote>"We are not in the area of implementing any monetary policy with Libra reserve."</blockquote>
Libra Association said its vision for Libra cryptocurrency, is to eliminate poverty and achieve gender equality. Libra could also assist the UN to realize many developmental goals.

Mark Zuckerberg insists that Libra is a stable coin for incorporating emerging economies into the financial system. He <a href="https://asia.nikkei.com/Editor-s-Picks/Interview/Zuckerberg-wants-Facebook-to-look-before-it-leaps">stated</a>: 
<blockquote>"A lot of people have questions and concerns, and we're committed to making sure that we work through all of those before moving forward."</blockquote>
Zuckerberg added that they want to move forward with launching Libra soon and the company is focused on making sure they do things the right way: 

"Part of the approach and how we've changed is that now when we do things that are going to be sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback on work through the issues before rolling them out."
<h2>Lawmakers' Continued Skepticism</h2>
Representatives of the global community of data protection and privacy released a statement about their expectations of Libra data privacy standards. They expressed their shared concerns about risks that Libra poses to data privacy standards and infrastructure.

Libra is which is set to launch in 2020, continues to face all manner of stiff opposition from lawmakers and financial services regulators. Lawmakers insist that they need the company to take their concerns seriously. Facebook is now believed to be facing several different antitrust investigations.

In September 2018, Sandberg had yet again <a href="http://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2018/09/04/Written%20Testimony%20FINAL1%20(1).pdf">appeared</a> before the Senate Intelligence Committee together with Twitter CEO Jack Dorsey. The two social platforms had been accused of deliberately spreading misinformation at the time of US presidential elections in 2016.

The most recent antitrust investigation was announced on 25 September 2019 by the Justice Department according to a source familiar with the case. Another probe by the Federal Trade Commission FTC is underway, consisting of state attorneys from the House of Representatives and Judiciary Committee in New York.

Facebook's COO Sheryl Sandberg Plans to Testify on Libra Cryptocurrency

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Facebook's COO Sheryl Sandberg Plans to Testify on Libra Cryptocurrency

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