Zuckerberg would support delaying Libra

Facebook CEO Mark Zuckerberg is set to tell House lawmakers that he would support a delay of the company’s Libra cryptocurrency project until regulators are satisfied.

Zuckerberg will make the remarks as part of his testimony before the House Financial Services Committee, which is set to hold a hearing on the digital currency on Wednesday.

Members of the committee from both parties have raised sharp concerns over Facebook’s proposed 2020 launch date for the Libra, which is facing intensive financial regulatory scrutiny around the world.

What he’ll say: “Some have suggested that we intend to circumvent regulators and regulations,” Zuckerberg will say, according to his prepared testimony. “We want to be clear: Facebook will not be a part of launching the Libra payments system anywhere in the world unless all U.S. regulators approve it.”

“And we support Libra delaying its launch until it has fully addressed US regulatory concerns,” he said.

Pushing the 2020 date: When Facebook first announced the Libra project, it said it was planning to launch the coin by next year. But executives have recently been tempering that date, and David Marcus — the head of Calibra, the Facebook subsidiary helping to launch the cryptocurrency — told reporters last week to think of 2020 as an ambitious goal.

“We co-wrote a white paper to begin a dialogue with experts and the regulators and policymakers who oversee the stability and security of our financial systems,” Zuckerberg will say. “It was never intended to be the final word on the project. The goal was to signal the direction we want to go and to start a conversation about how to get there. That conversation is ongoing.”

Zuckerberg is certain to face a grilling from lawmakers at the hearing, who peppered Marcus with questions and criticisms for hours at a hearing over the summer.