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9-10-2019 20:07:58

Mark Zuckerberg will testify before Congress later this month, and he’s likely to face tough questions about Facebook’s Libra cryptocurrency

Facebook CEO Mark Zuckerberg will testify before congress at an October 23 hearing, Rep. Maxine Waters announced Wednesday. Zuckerberg will likely face questions about Libra, Facebook’s cryptocurrency venture that has already drawn scrutiny from lawmakers. It’s relatively rare for Zuckerberg to participate in public hearings. He last testified before Congress in April 2018, when lawmakers sought answers about the Cambridge Analytica privacy scandal. Visit Business Insider’s homepage for more stories. Mark Zuckerberg is going to Washington this month, where he’ll face lawmakers who are skeptical of Facebook’s plans to establish its own cryptocurrency. The Facebook CEO will testify before the House Financial Services Committee on October 23, Rep. Maxine Waters announced Wednesday. Waters, the California Democrat who chairs the committee, said that Zuckerberg will testify as the sole witness at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Zuckerberg will likely face tough questions from lawmakers about Libra, Facebook’s cryptocurrency venture that is set to roll out in June 2020. “Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers’ questions,” a Facebook spokesperson told Business Insider. Libra has already garnered scrutiny from lawmakers. Waters and other top Democrats sent a letter to Facebook in July calling on the company to halt its implementation of the cryptocurrency, and Waters has voiced “serious concerns” with Libra. Waters is the author of a draft bill that would block Facebook and other tech giants from being licensed or registered as US financial institutions. If passed, the bill would all but outlaw Libra and other such cryptocurrencies established by social media platforms. It’s relatively rare for Zuckerberg to agree to testify in public hearings. His last such appearance in Washington was in April 2018, when he faced five hours of relentless questioning from lawmakers over Facebook’s Cambridge Analytica privacy scandal. Sheryl Sandberg was reportedly slated to testify on Libra instead of Zuckerberg, but committee members waved off her appearance earlier in October and pursued testimony from Zuckerberg himself, Forbes reported.The post Mark Zuckerberg will testify before Congress later this month, and he’s likely to face tough questions about Facebook’s Libra cryptocurrency appeared first on Business Insider Nederland.
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