Facebook CEO Mark Zuckerberg will uphold the Libra cryptocurrency project in front of U.S. lawmakers later this month.
According to the House Financial Services Committee’s press release, Committee Chairwoman Maxine Waters has drafted the “Keep Big Tech Out of Finance Act.”
“The draft legislation prohibits large platform utilities, like Facebook, from becoming chartered, licensed or registered as a U.S. financial institution,” press release said.
This hearing will be the third held by Congress: the House Financial Services Committee and the Senate Banking Committee both discussed Libra in July 2019.
As previously reported, financial regulators have the reputation of been critical of the Facebook crypto, which may pose a threat to global financial stability in their view. The heads of the companies are concerned about how Facebook manages the private date of its users. France and Germany have pledged to block the cryptocurrency.