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Mark Zuckerberg to testify before Congress on Facebook’s libra cryptocurrency

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Facebook founder and CEO Mark Zuckerberg arrives to testify following a break during a Senate Commerce, Science and Transportation Committee and Senate Judiciary Committee joint hearing about Facebook on Capitol Hill in Washington, DC.

Saul Loeb | AFP | Getty Images

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on Oct. 23 at 10 a.m. Eastern Time, the committee announced Wednesday.

Zuckerberg will be the only witness at a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” House members had been pushing for Zuckerberg to testify on Facebook’s cryptocurrency plans as the committee had been in talks with his COO Sheryl Sandberg about testifying, CNBC reported last week.

Committee chairwoman Maxine Waters, D-Calif., previously requested Facebook halt implementation for the libra cryptocurrency ahead of a July hearing with the project’s lead. Waters later seemed dissatisfied with the crypto chief David Marcus’ lack of commitment to postponing Facebook’s plans.

Since then, a number of international authorities have expressed concern over libra and one of the project’s original backers, PayPal, has dropped out. Other corporate backers like Visa and MasterCard are also reconsidering their role, The Wall Street Journal reported.

“Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers’ questions,” a Facebook spokesperson said.

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