Zuck of the Hill: After 6-Hour Libra Grilling, Congress Unconvinced

Leveraging the Chinese threatThis was the first Libra hearing for the Facebook boss - previously, it was David Marcus, the head of the forthcoming crypto wallet Calibra, who was dispatched to be grilled on the Hill.

"As I have examined Facebook's various problems, I have come to the conclusion that it would be beneficial for all if Facebook concentrates on addressing its many existing deficiencies and failures before proceeding any further on the Libra project."

Many of Waters's Democratic colleagues, who subsequently took the stage, appeared similarly hostile to Libra and Facebook more generally from the outset.

Striving for full complianceAnother central theme that Zuckerberg dwelled on was drawing a solid line between Facebook and Libra to convince committee members that the two are distinct entities, and that Facebook will not have any more power over Libra than any other member of the association.

At the same time, the testimony added nothing to the overall understanding of Zuckerberg's views on what specific regulations should apply to Libra.

His responses to specific questions regarding regulation and governance of the Libra Association conspicuously lacked detail, which didn't help in winning representatives' endorsements.

While some Republican committee members praised Zuckerberg's entrepreneurial achievements and drive for innovation, not a single one voiced support for Libra during the hearing.

While some of the issues that members of Congress take with the Libra project are legitimate, others belong to the realm of prejudices that have been refuted by respectable research, suggesting that McHenry might have a point.

While Zuckerberg pledged to comply with all regulations that U.S. government deems necessary to give Libra the green light, he offered little in the way of a comprehensive vision of what such framework may look like.

The odds of Libra ever seeing the light of day are still unclear, and the project will remain in regulatory limbo until the negotiating parties arrive at a more specific action plan.