Mark Zuckerberg will appear before Congress on Wednesday to defend Facebook’s controversial ‘cryptocurrency’ project, Libra. In his prepared remarks, the Facebook CEO will tell lawmakers that America risks losing “financial leadership” to China if they don’t get behind his company’s plan. Referring to China’s proposed digital currency, which is expected to launch before the end of the year, Zuckerberg will argue: “While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months… If America doesn’t innovate, our financial leadership is not guaranteed.”
Zuckerberg is expected to face heavy pushback against his cryptocurrency plan in Congress today. Lawmakers have been hostile to the idea of a corporate-led currency since Facebook revealed the project earlier this year.