trending Market Intelligence /marketintelligence/en/news-insights/trending/2mgxQPOUmBlA7p_uw7oSJQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Facebook CEO defends Libra project amid congressional scrutiny

US Operators Bolster Downward Trajectory for US Cable Capex Forecast

Ad agencies struggle to survive second quarter of 2020

Video Supply-Side Platforms Hurt By Q2'20 Fall In Video Ads, Rebounding In 2021

AVIA: Building The Case For Satellite 5G


Facebook CEO defends Libra project amid congressional scrutiny

Facebook Inc. CEO Mark Zuckerberg attempted to assure legislators about the company's commitment to security and privacy with its planned digital currency Libra, depicting the project as key to ensuring U.S. leadership in the global movement toward digital payments.

In testimony for the U.S. House Committee on Financial Services, Zuckerberg acknowledged that Facebook "isn't the ideal messenger" given some high-profile controversies involving user privacy on its platform, but he stressed that Libra fit within Facebook's core mission of empowering others — in this case, by granting more user control over money transfers. Other countries, such as China, are already moving quickly toward similar systems, he noted.

"If America doesn't innovate, our financial leadership is not guaranteed," Zuckerberg said Oct. 23 in prepared remarks. "I actually don't know if Libra's going to work, but I believe that it's important to try new things."

Several legislators expressed skepticism that Facebook would be a good fit for launching such a sensitive and ambitious project. The company has battled public backlash regarding concerns about its security and privacy controls in recent years.

"Why should we believe what you are saying about protecting customer privacy and financial data?" asked Rep. Nydia Velazquez, D-N.Y.

Zuckerberg said Facebook is already taking steps to ensure that Libra will remain separate from its core social platforms, noting that Calibra, the newly created Facebook subsidiary that will manage Libra, will not share any of the users' financial data or account data with other parts of the company. The service will also not use people's payment account information to make lending or credit decisions, he said.

Lawmakers also raised concerns that the new digital currency could potentially be misused. Rep. Carolyn Maloney, D-N.Y., for instance, called Libra a "new loophole" for money laundering.

"There are millions of people in the world who are hoping that your innovation works, but I think you may have bitten off more than you can chew by trying to create a private currency," said Rep. Steve Stivers, R-Ohio.

Some of Libra's initial 28 founding members recently left the initiative amid the ongoing scrutiny, including Visa Inc., eBay Inc. and PayPal Holdings Inc. Zuckerberg at the hearing stressed that Facebook would not move forward with Libra without the blessing of U.S. regulators.

Financial Services Committee Chairwoman Rep. Maxine Waters, D-Calif., said Libra's launch had renewed discussion about whether Facebook should be broken up. Facebook and other large technology companies have faced intensifying scrutiny from several U.S. politicians in the run-up to the 2020 presidential election year, with some calling for government breakups of big tech.

Facebook has also encountered increased regulatory scrutiny. In July, the company disclosed that it was being investigated by the U.S. Federal Trade Commission for antitrust concerns, shortly after it agreed to pay a $5 billion fine to settle FTC-documented privacy violations.

Additionally, 47 state attorneys general are pursuing a joint antitrust investigation into the company.