Here is Mark Zuckerberg’s Prepared Testimony for House Financial Services Committee Hearing

Here is Mark Zuckerberg’s Prepared Testimony for House Financial Services Committee Hearing

But Mr Zuckerberg has once again been summoned to the USA capitol to address concerns from lawmakers over the potential for the Libra currency to be abused, or negatively disrupt the global financial order.

Do you have more information about this or any other technology story? He added that if the USA doesn't innovate financially, China might gain more influence over the global financial system.

Several early partners for Libra have already dropped out of the project including major players like Visa and Mastercard, and eBay, after major scrutiny of the project from United States lawmakers. The mission: To examine whether "Facebook may have put consumer data at risk, reduced the quality of consumers' choices and increased the price of advertising", James said.

"We clearly have not locked down exactly how this is going to work yet", Zuckerberg told a hearing of the House Financial Service Committee.

"Today it seems in some cases that in some cases working in China not only does not do that but compromises American companies' ability to promote our values overseas and around the world, and I think we've seen that in the last few weeks in a number of cases". "But if America doesn't innovate, our financial leadership is not guaranteed", he said.

Similarly, when lawmakers suggested that the "permissionless" system Facebook plans to create could encourage developers to build anonymous wallets-useful for money laundering-he vowed to ban them from the platform, while saying, again, that he couldn't speak for the other members of the Libra Association.

Other cryptocurrencies also felt the heat of Zuckerberg's testimonial as Ethereum fell as much as 10%. That was supposed to be Sheryl Sandberg's job. As the argument goes, these rivals are unlikely to face the same scrutiny in their home nation, but don't necessarily have US-friendly values around freedom of speech and privacy.

Mr Zuckerberg was also questioned over claims he had lied to regulators in the past.

Addressing worries that the project is moving too fast- the currency is slated for a 2020 rollout- he said: "We are committed to taking the time to get this right".

But, the North Carolina congressman said, while he had some qualms about Libra he considered it "better to be on the side of American innovation", expressing hopes that Facebook's ambitions wouldn't lead to "comic results" of overly burdensome regulation from Washington lawmakers. He added that the company would be "forced" to abandon the Libra Association, the consortium that governs the project, if the 21 members chose to proceed regardless.

Seven members of the Libra Association- the coalition of firms interested in developing the Libra currency- have backed out of the project in recent weeks.

In another face-off, Rep. Al Green, D-Texas, pressed the CEO about the minority representation in Libra's projects.

Facebook said in June the founding partners would be expected to each inject $10m, but so far no agreement has been made, and the fee was not discussed at the Libra Association's first general assembly last week, according to several sources.

This post originally appeared on Business Insider.

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