Lawmakers are getting ready to grill Facebook CEO Mark Zuckerberg over the Libra cryptocurrency project. But they may not get the answers they're looking for. FB
Get the Full StoryGettyFacebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on October 23 to answer questions about his company's impact on the financial services and housing sectors.
The committee will likely ask Zuckerberg about the Facebook-created cryptocurrency network called Libra that it announced in June. It's expected to launch as soon as 2020.
David Marcus, the Facebook executive spearheading the Libra project, testified before the committee in July.
The committee will likely ask Zuckerberg about a range of issues, such as how the currency will be regulated when it launches and what protective measures will be put in place to prevent criminals from using the currency in nefarious ways.
Notably, however, Facebook won't be directly in charge of the Libra network and its rules. That responsibility will rest with the Libra Association, an independent, a not-for-profit organization based in Switzerland comprised of 21 companies.
The hearing will also address the social networking giant's impact on the housing sector, coming after the Department of Housing and Urban Development filed charges in March alleging that Facebook violated the Fair Housing Act through its targeted advertising.
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Facebook CEO Mark Zuckerberg will take the hot seat yet again on Wednesday when he testifies before the House Financial Services Committee to answer questions about his company's impact on the financial services and housing sectors.
The hearing comes as Facebook continues to push a new cryptocurrency-based payments system, called Libra, that is still moving forward despite heavy scrutiny from lawmakers and the departure of key founding partners.See the rest of the story at Business InsiderSee Also:A Yale professor and Goldman Sachs veteran are teaming up on an eccentric new blockchain-powered social network to try to make Facebook irrelevantFacebook just removed dozens of fake accounts based in Russia and Iran that were spreading misinformation and trying to meddle in electionsMark Zuckerberg and his wife have reportedly been privately recommending hires for the Buttigieg campaignSEE ALSO: An entrepreneur whose company trained programmers at Facebook and Google shares his best advice for learning to code
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