Mark Zuckerberg conceded on Wednesday that there is a scenario in which Facebook might have to rethink its involvement in its controversial cryptocurrency project, Libra, if the currency does not receive appropriate US regulatory approval.
Cameron and Tyler Winklevoss have long been known for their legal battle with Mark Zuckerberg over who invented Facebook. That was over a decade ago. Today they have made names for themselves as entrepreneurs in cryptocurrency with a company called Gemini.
Facebook is willing to delay its entrance into the cryptocurrency market to work with regulators, Facebook executive David Marcus said in prepared remarks ahead of Congressional hearings on Libra this week.
"Mild horror" is an appropriate reaction to Facebook's cryptocurrency plans, says Scott Galloway, a marketing professor at NYU's Stern School of Business.
Lawmakers wasted little time making plans to examine Facebook's cryptocurrency.
Facebook's cryptocurrency plans were met with a swift and critical response from politicians in both the United States and Europe.
Facebook on Tuesday unveiled its cryptocurrency project: Libra. If all goes to plan, the company and its partners think Libra could fundamentally change global financial and payment systems.