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US House of Representatives Set Date for Facebook Project Libra Hearing Session in July

By Daniel T. | June 26, 2019
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US House of Representatives Set Date for Facebook Project Libra Hearing Session in July

The United States House Financial Services Committee is reportedly hosting a hearing session, which will take place on July 17th, regarding the currently developing Libra cryptocurrency of Facebook.

According to a press release, Maxine Waters – Representative of the Committee has previously requested Facebook to put a hold on the progress of Libra project, until thorough assessing and scrutinizing work from regulators are carried out.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”

In her public statement, Waters further mentioned an insufficiency of uniform guidance, regarding the current crypto market, and commented that the Libra project Facebook is working on, should be realized as “a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.”

The Senate Banking Committee has also reportedly set a date and time for the hearing session about the details of Libra – dubbed “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.” – one day before the US House Financial Services Committee, on July 16th.

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