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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

Go deeper

Updated 4 hours ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 6 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 9 hours ago - Politics & Policy

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Illustration: Eniola Odetunde/Axios

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