Facebook's Zuckerberg to testify before U.S. House panel on Oct. 23

Zuckerberg to Testify Before Congress Regarding Libra Stablecoin

Unlike digital currencies such as bitcoin or Ethereum, Facebook's plan calls for Libra to be backed by real currencies. It will be his first appearance before a U.S. congressional committee since April 2018 although last month he was on Capitol Hill to meet privately with some lawmakers.

The Facebook CEO will testify before the House Financial Services Committee on October 23, Rep. Maxine Waters announced Wednesday.

Facebook is continuing to pursue the launch of the currency, with members of the Libra Association due to meet next week in Geneva to formally sign up to the group.

Zuckerberg will be the sole witness at the hearing, which is entitled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors".

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"Mark looks forward to testifying before the House Financial Services Committee and responding to lawmakers' questions", a Facebook spokesperson said in a statement.

Earlier this year, David Marcus, Facebook's executive heading the digital coin effort, defended the plan for more than two hours at a Senate Banking Committee meeting and said the cryptocurrency would not be launched without regulatory approval.

Whatever the outcome of both Vodafone's push and Zuckerberg's testimony, there is one thing for sure: There's never a boring moment when it comes to Facebook's attempt to bring a cryptocurrency to market. Several members of Congress have taken the position that Facebook no longer deserves the American people's trust and don't believe the company has noble intentions within the financial space with Libra.

It's relatively rare for Zuckerberg to agree to testify in public hearings. US Federal Reserve Chairman Jerome Powell has said Libra could pose a risk to the financial system, and it's drawn criticism from President Donald Trump and Treasury Secretary Steven Mnuchin. He testified over two days in April about issues such as the Cambridge Analytica scandal, Russian interference in the 2016 USA presidential elections and Facebook's monopoly as a social media platform.

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