Advertising technology companies such as Facebook and Twitter have said they will make drastic improvements to safety and security of their platforms — but they may face regulation from Congress anyway, two technology industry veterans said.
"My guess, it will be a mix of some self-regulation, with the big major players — Facebook and Google, in particular — taking more of a lead in putting the rules of the road in place. But also there will likely be either legislation or regulation," AOL co-founder Steve Case told CNBC's "Squawk Alley" on Wednesday.
Case now runs Revolution, a Washington, D.C.-based investment firm that focuses on American entrepreneurs, mostly outside of Silicon Valley.
"If the companies had acted earlier they probably would have been able to put in place self-regulation a year or two ago," he said.
The remarks came as lawyers from major technology companies testified before congressional committees. Representatives from Facebook, Twitter and Google were grilled by senators on Tuesday and Wednesday, as regulators try to understand the impact of Russian state actors on the U.S. election.