Facebook CEO Mark Zuckerberg told lawmakers on Wednesday that the company would pull out of the Libra Association in the event the consortium launched its proposed cryptocurrency without U.S. regulators give the green light.
In response to multiple pointed questions on the matter during an hours-long session on Capitol Hill, Zuckerberg said Facebook would be “forced to leave” the governance organization.
“If at the end of the day we don’t receive the clearances,” Zuckerberg said, “we will not be a part of the association.”
Zuckerberg attempted to defend Libra as necessary innovation for the financial services industry while acknowledging the concerns about Facebook, in particular, launching the effort. Zuckerberg emphasized that Libra is not intended to compete with sovereign currencies. Instead, the Libra Association will work with the Federal Reserve and other central banks to make sure it does not interfere with monetary policies, he said.