Facebook CEO Mark Zuckerberg has said before that his industry probably needs to be regulated. He repeated that today during questioning from Rep. Fred Upton in the House hearing.

"The internet is growing in importance around the world ... I think it is inevitable that there will need to be some regulation. My position is not that there should be no regulation, but I also think you need to be careful about what regulation you put in place."

Zuckerberg told CNN last month that he would welcome more regulation of political advertising on the internet.

"There are things like ads transparency regulation that I would love to see," he told CNN. "If you look at how much regulation there is around advertising on TV and print, it's just not clear why there should be less on the internet."