Zuckerberg to testify in Washington Oct

It will be Facebook CEO Mark Zuckerberg's first appearance before a US congressional committee since April 2018

Facebook CEO Mark Zuckerberg to testify before US House panel on Oct 23

The hearing will be the second held by Waters in a matter of months that features a Facebook senior manager. Marcus said repeatedly that Facebook plans to work with regulators to get Libra off the ground. The social media giant had originally agreed to send Facebook chief operating officer Sheryl Sandberg to the hearing.

Marcus and other Facebook executives have claimed the new digital coin could help lower costs for global money transfers and help those without access to the banking system. He said Facebook will not control Libra because Facebook will be only one of about 100 companies and nonprofits in an association that will manage the currency.

In the letter, the lawmakers cited news reports on the difficulty some of Libra Association members have faced in obtaining details on the organization's management and risks.

Following Facebook's initial announcement, blowback to the plan was swift. The project, however, is facing regulatory backlash all over the globe due to concerns over its user privacy and threat to mainstream financial stability.

France's finance minister said Wednesday that the European Union should not allow Facebook to develop the currency project on "European territory" because it threatens the monetary sovereignty of member countries. The House Financial Services Committee also oversees housing issues, and Zuckerberg may be asked about Facebook's advertising practices. Zuckerberg lately came back to D.C. for his initial visit after his statements in 2018 regarding the Cambridge Analytica scandal. Earlier this year the Department of Housing and Urban Development accused Facebook of letting advertisers restrict housing ads to Facebook users based on protected characteristics, like race and religion.

Mark Zuckerberg will testify about Libra, the cryptocurrency he is building, this month after he was summoned by a committee of USA politicians.

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