Name: Insights: Facebook's Libra Won’t Launch Until U.S. Regulators Sign Off
Uploaded: 2020-02-13
Duration: 2 min 41 s
Description: He testified in front of the House Financial Services Committee. (October 2019)

 REP. PATRICK MCHENRY: Why Switzerland for Libra? Why not the United States? MARK ZUCKERBERG: So the Libra Association is an independent association. We're trying to set up a global payments system. Switzerland is where a lot of the international organizations are. It also-- REP. PATRICK MCHENRY: They have greater regulatory certainty in Switzerland than in here in the United States for this type of technology? MARK ZUCKERBERG: I think Switzerland has certainly been forward-leaning on wanting to work through systems like this. But I don't want this to come across as if-- REP. PATRICK MCHENRY: And the United States is not? MARK ZUCKERBERG: Well, congressman, one of the things I just want to be clear on is that the Independent Libra Association is-- its independent. We're a part of it. We help stand it up. We don't control it. But I just want to make sure it's 100% clear to everyone today that my commitment running Facebook is that we're not going to launch anything that is a product or a part of this until we have full support from US regulators. REP. CAROLYN MALONEY: So which US regulators are you talking about? There are actually many financial regulators, such as the Fed, the FDIC, the OCC, the SEC, the CFTC, the CFPV Vinson, FHFA, and many, many more. And to be clear, Libra would affect all of those regulators. MARK ZUCKERBERG: My understanding is probably all of them for different things. Different of these regulators focus on different areas, whether it's financial stability or fighting crimes and fraud and terrorism. Different areas of the work need to get done and are overseen by different regulators. I think the processes with each of them might be a little bit different, but we're committed to getting all of the appropriate US approvals before launching the Libra payments system in any country in the world, even where those approvals might not be strictly required. REP. BILL HUIZINGA: You said that you won't launch without US regulator approval. What happens if the association decides to launch despite that? MARK ZUCKERBERG: Congressman, then I believe we would be forced to leave the association. I would hope that with our-- that the association will weigh our recommendation and what we say publicly that we think should happen. But if at the end of the day, we don't receive the clearances that we feel like we need to move forward and the association chooses to move forward without us, then we won't be in a position where we will not be a part of the association. 

Insights: Facebook's Libra Won’t Launch Until U.S. Regulators Sign Off

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Facebook's Libra Won’t Launch Until U.S. Regulators Sign Off

He testified in front of the House Financial Services Committee. (October 2019)

Why Switzerland for Libra? Why not the United States? So the leaper association is an independent association. We were trying to set up a global payment system. Switzerland is where a lot of the international organizations are. It also a raider regulatory certainty in Switzerland and here in the United States for this type of technology. Um, I think Switzerland has certainly been forward leaning on wanting to work through systems like this. But But I don't want this Thio come across as if in the United States is not. Well, Congressman, One of the things I just want to be clear on is that the independently birth association is its independent were a part of it. We help stand it up, we don't control it. But I I just wanna make sure it's 100% cleared everyone today that my commitment running Facebook that we're not gonna launch anything that is a product or a part of this until we have full support from us regulators. So which U S regulators are you talking about? There are actually many financial regulators off, such as they said the FBI. See the O. C c, the S E C Z z f T c, the c F B since in FAA, FAA and many, many more and to be clear liberal would affect all of those regulators. My understanding is is probably all of them for different things. Different of these regulators focus on different areas, whether it's financial stability or fighting crimes and fraud and terrorism. Different different areas of the work need to need to get done and are overseen by different regulators. I think the process is with each of them might be a little bit different, but we're committed to getting all of the appropriate US approvals before launching the labor payment system in any country in the world, even where those approvals might not be strictly required. You said that you won't launch without US regulator approval. What happens if the association decides to launch? Despite that congressman, then I believe we would be forced to leave the association. I would hope that with our the association will weigh our recommendation and what we say publicly that we think should happen. But it's at the end of the day. We don't receive the clearances that we feel like we need to move forward and the association chooses to move forward without us. Uh, then then we will be in a position where we will not be a part of the association.