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WASHINGTON, DC — The Financial Services Committee has confirmed that Mark Zuckerberg, Facebook's CEO, will be testifying before the committee on October 23rd, 2019. He will be there to answer questions about Facebook's Libra Project. The Committee and many of its members have previously expressed concerns about the project and its proposed rollout. There are many unanswered questions regarding why Facebook is even developing a cryptocurrency, as well as how it will affect the global economy and consumers and how it will address associated security risks.
New York (CNN Business)Facebook's original target launch date for the Libra cryptocurrency is still months away, but hurdles are mounting for the project as it tries to get off the ground.
PayPal has become the first company to walk out officially from the group of organizations that Facebook assembled in a bid to launch the Libra cryptocurrency payment network.
PayPal Drops Out Of Libra Project
The online payments company has revealed that it will forgo further participation in the Libra Association, becoming the first of the 28 founding members to depart from the project.
PayPal made the announcement just four months after it was revealed it is one of the organizations to back up the Libra cryptocurrency.
U.S. Senators Ben Cardin and Chris Van Hollen (Both D-Md.), together with 49 senators and 123 U.S. Representatives and former lawmakers have filed an amicus brief in the Supreme Court in support of the Deferred Action for Childhood Arrivals (DACA) program. The Supreme Court will hear arguments on DACA on November 12, 2019. President Trump terminated the DACA program on September 5, 2017, throwing the lives of nearly 800,000 Dreamers into chaos.
PayPal, the online payments company, said Friday it is withdrawing from the Libra Association, becoming the first major backer of Facebook's planned cryptocurrency to exit the project amid escalating regulatory pressure.
PayPal said it remained supportive of "Libra's aspirations" but will forgo further participation in the association that's being established to manage the digital currency, which is set to launch next year.
PayPal declined to elaborate on why it was stepping away, though it likely would have incurred heightened scrutiny by lawmakers and regulators skeptical of Libra.
PayPal is withdrawing from Facebook's Libra Association, the company announced Friday.
"PayPal has made the decision to forgo further participation in the Libra Association at this time and to continue to focus on advancing our existing mission and business priorities as we strive to democratize access to financial services for underserved populations," PayPal said in a statement.
David Marcus, who leads the project at Facebook, was previously the president of PayPal. PayPal said it is still "supportive of Libra's aspirations" and that it will continue to partner with Facebook in the future.
Regulators are once again hounding CEO Mark Zuckerberg about the Facebook-led Libra stablecoin project. This time, it's members of the House of Representatives Financial Services.
And House members are requesting that Zuckerberg himself speak in front of the committee, as opposed to just lower ranking Facebook representatives, according to a report by CNBC.
WASHINGTON, DC — This afternoon, Majority Leader Steny Hoyer joined Congresswoman Sylvia Garcia for a tour of BakerRipley's East Aldine Campus, which offers a variety of community programming that aims to alleviate poverty in the greater Houston area.
Every five years, Debbie Smith watches as Congress comes to the brink of letting the federal program bearing her name expire.
But lawmakers always found a way to pass the Debbie Smith Act, which sends resources to crime laboratories across the country to test rape kits and DNA evidence from other unsolved crimes.
In an odd way, it helped keep Smith's faith in government — until now.