Mark Zuckerberg will testify before Congress over Libra as scrutiny mounts

Facebook • October 9, 2019, 12:31PM EDT
UPDATED: October 9, 2019, 1:15PM EDT
Frederic Legrand - COMEO / Shutterstock.com

The House Financial Services Committee announced Wednesday that Facebook CEO Mark Zuckerberg would testify before its committee on Oct. 23 over the social media giant's cryptocurrency, Libra. The hearing, titled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors," will have Zuckerberg as its only witness.

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The House Financial Services Committee previously convened in July to discuss a draft bill titled "Keep Big Tech Out of Finance Act," which aims to prohibit large platforms utilities from "becoming chartered, licensed or registered as a U.S. financial institution or otherwise becoming affiliated with such financial institutions." The bill would also prohibit these platforms from issuing and operating a "digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function as defined by the Federal Reserve."

Also in July, Libra's co-creator, David Marcus, went before the U.S. Senate to answer questions on Libra.

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Steven Zheng is a researcher for The Block. He joined The Block in August 2018. Steven graduated from St. John’s University with a degree in economics. Previously, he covered blockchain and crypto at Radicle, a startup analytics firm. He also had brief stints at Cheddar, a media startup, and Bowery Capital, a venture capital firm. He owns bitcoin. Follow Steven on Twitter at: @Dogetoshi