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Mark Zuckerberg to testify before Congress about Facebook's Libra

Mark Zuckerberg
Photo: Chip Somodevilla/Getty Images

Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on Oct. 23 as part of a hearing titled, "An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors."

Why it matters: Libra, Facebook's cryptocurrency project, faces headwinds from lawmakers and regulators. In July, House Financial Services Chair Maxine Waters (D-Calif.) called for a moratorium on the project. Zuckerberg's decision to testify about Libra personally rather than sending a subordinate is a sign of the effort's importance to Facebook.

Go deeper: Congress members express concerns over Facebook's cryptocurrency