Facebook are currently in talks to put Cheif Operating Officer Sheryl Sandberg in front of the congressional committee as soon as next month.
According to the Bloomberg article, people familiar with the matter have said she is due to stand amid questions about the social media giant’s market power and its plans for a digital cryptocurrency called Libra.
The whole motion came about after Libra co-creator David Marcus faced questions from House and Senate panel on whether Facebook could be trusted to create their own cryptocurrency and whether Libra might be used for illicit purposes.
Facebook have been subject to lots of questions from regulators and governments recently and this latest development could go a long way to answering some of those key questions.
Most of the questions about Libra are concerning data privacy and security. There has been a few very high profile data breaches from the company in recent years and the government may use these as an excuse to oppose the stablecoin.
Libra could be a real alternative to traditional banking methods and this worries central banks and governments alike. The main opponents include Fed’s Jerome Powell who stated that Libra could pose a risk to the financial system. House Financial Services Committee Chairwoman Maxine Waters who insisted the company should immediately stop work on the currency. The French and German finance ministers said they would block the project.