Oct 22, 2019

Zuckerberg will push cryptocurrency as remedy for inequality

Mark Zuckerberg. Photo by Zach Gibson/Getty Images

Facebook CEO Mark Zuckerberg will tell the House Financial Services Committee Wednesday that Facebook's Libra cryptocurrency project will help bring millions of people who don't use banks into the financial system and help the U.S. overcome global challenges from China and other competitors, according to an advance copy of his testimony.

The big picture: Libra has faced skepticism and headwinds from lawmakers and regulators. Several financial services providers announced as launch partners, including Visa, Mastercard and Paypal, have since bailed on Facebook's effort to create a global digital currency.

What he's saying:

There are more than a billion people around the world who don’t have access to a bank account, but could through mobile phones if the right system existed. This includes 14 million people here in the U.S. Being shut out of the financial system has real consequences for people’s lives—and it’s often the most disadvantaged people who pay the highest price.… T he problem of financial under-inclusion is solvable, and I believe that we can play a role in helping to find the solution.
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. Libra will be backed mostly by dollars and I believe it will extend America’s financial leadership as well as our democratic values and oversight around the world. If America doesn’t innovate, our financial leadership is not guaranteed.
— Mark Zuckerberg

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Updated 26 mins ago - Politics & Policy

Twitter fact-checks Trump's tweets for first time

President Trump briefs reporters in the Rose Garden on May 26. Photo: Brendan Smialowski/AFP via Getty Images

Twitter fact-checked two of President Trump's unsubstantiated tweets that mail-in ballots in the 2020 election would be fraudulent for the first time on Tuesday, directing users to "get the facts" through news stories that cover the topic.

Why it matters: Twitter and other social media platforms have faced criticism for not doing enough to combat misinformation, especially when its propagated by the president.

House Republicans to sue Nancy Pelosi in effort to block proxy voting

Photo: Michael Brochstein / Echoes Wire/Barcroft Media via Getty Images

20 House Republicans plan to file a lawsuit late Tuesday against Speaker Nancy Pelosi in an effort to block the chamber's new proxy voting system amid the coronavirus pandemic, three congressional sources tell Axios.

The big picture: The lawsuit, led by House Minority Leader Kevin McCarthy, alleges the rules are unconstitutional because the Constitution requires a quorum, or a majority, of lawmakers to be physically present in order to conduct business. The lawsuit was first reported by the Wall Street Journal.