Facebook CEO to testify before Congress on its libra cryptocurrency

The CEO of Facebook, Mark Zuckerberg will check out before the House Financial Services Committee this ongoing month, according to the source. He will be the only witness at a hearing, which is scheduled for 23rd of October. This summit entitled as “An examination of Facebook and its impact on the financial services & housing sectors.” House members had been pushing for Facebook CEO to testify on cryptocurrency plans of Facebook because the committee has been in discussions with his COO, Sheryl Sand berg, about testifying.

Committee Chairwoman Maxine Waters, D-Calif., previously requested social media giant stop implementation of the libra cryprocurrency ahead of a July hearing along with the project’s lead. Waters later looked dissatisfied with the lack of commitment from Facebook’s crypto chief, David Marcus to postponing the plans of company. Since then numerous international authorities have expressed tensions over libra and one of the project’s original backers, PayPal has cancelled out. While, other corporate backers such as Visa Mastercard are also reconsidering their roles.

The hearing will be a rare opportunity for lawmakers to grill the Facebook chief in public. Market Zuckerberg recently returned to D.C for his first official visit since his 2018 testimonies over the Cambridge Analytica scandal.

Mark Zuckerberg’s deal to testify with lawmakers indicates a shift. In a recording of a July staff summit organized by The Verge, he told employees he has refused to testify in front of some foreign authorities as it just does not make any sense to go on hearings in every single nation that wants to represents me.

His meetings with lawmakers focused on the internet regulation future, which ultimately poses a threat to the core business of the Facebook. Zuckerberg’s willingness to meet foreign representatives which showed that he accepts regulation is coming and seeks to be part of the conversation. The testimony could also play significant role in the various antitrust investigations Facebook is recently facing. Facebook is under review by investigators at the Federal Trade Commission, a combination of state attorneys general as well as the House Judiciary Committee for its competitive practices.

A Facebook spokesperson said that, Our CEO is looking forward to testify before the House Financial Services Committee and responds to lawmakers’ questions.