Zuckerberg: Facebook 'would be forced to leave' Libra if it moves forward before regulators approve
. Facebook is joined by 20 other members in the Libra Association, which will govern the currency.
Given Facebook's insistence that Libra is separate from its company, lawmakers wanted to know how Facebook would make good on its promise to wait for U.S. regulatory approval. Zuckerberg said if the Libra Association voted to move forward without the clearances Facebook feels it needs, "we would be forced to leave the organization."
Earlier in the hearing, Rep. Nydia Velazquez, D-N.Y., asked if Zuckerberg would also wait for Congress to provide an updated legal framework for regulators who will decide whether the approve the project. Zuckerberg said he thinks Congress has an appropriate oversight role over regulators already, which Velazquez said she takes as a "no."
However, Facebook is still funding the Libra Association, Zuckerberg said in his testimony. The members have not paid their $10 million fees yet, and Zuckerberg said that figure could change.
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