(Forbes) – Topline: Mark Zuckerberg returns to Capitol Hill for another hearing on Wednesday, this time to reassure Congress about plans for Facebook’s Libra cryptocurrency and address other concerns about Facebook’s platform.
Here are the key takeaways from his prepared testimony:
- Zuckerberg reassured that Libra would operate under a coalition of partners and independently from Facebook, but he also made clear that Facebook will not help launch the payments system anywhere in the world until U.S. regulators approve.
- He also framed Libra in terms of American nationalism, saying that it will “extend America’s financial leadership as well as our democratic values and oversight around the world,” and that if the U.S. doesn’t lead on this, other countries like China will.
- He addressed concerns about the project, saying that Facebook will not sell people’s data, nor share it with outside parties for advertising or credit decisions.
- Zuckerberg reiterated that Calibra, the digital wallet used to manage Libra currency, will have strong consumer protections, with its financial data clearly separated from Facebook’s social data.
- “I want to be clear: this is not an attempt to create a sovereign currency,” Zuckerberg also said. “Monetary policy is the province of central banks, not Libra.”
- The Facebook CEO additionally talked about how the company is trying to prevent discrimination in advertising on its platform: By creating a new Civil Rights Task Force, extending bans on white supremacy, working to prevent the spread of misinformation in upcoming elections and combatting voter suppression.
Crucial quote: “This has been a challenging few years for Facebook,” Zuckerberg admitted. “We understand we have a lot to do to live up to people’s expectations on issues like privacy and security.”