Zuckerberg and Crypto (Libra) MBrew

CRYPTO Mark Zuckerberg Has Angered the Cosmos

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Whoever’s in charge of scheduling Congress has a wicked sense of humor.  On Oct. 23, roughly the final day of the Libra zodiac sign, Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee. While drinking water with an automaton’s precision, Zuckerberg’s expected to defend Facebook’s plans to launch a cryptocurrency...called Libra. Why Zuck’s on defense: Regulators around the globe say Libra could be used to facilitate money laundering and destabilize the global financial system. Facebook’s (+1.18%) data privacy blunders aren’t helping its cause, either. In July, House Financial Services Chair Maxine Waters called for a moratorium on Libra. President Trump, Fed Chair Jerome Powell, and Treasury Secretary Steven Mnuchin have all knocked the project. French and German finance ministers have pledged to block Libra. The hearing is a big deal. Zuck needs regulatory approval if he wants Libra to become a force in the payments market, and that’s looking increasingly difficult. That FB’s sending Zuck instead of a henchman shows just how important Libra is to the company’s push into financial services.