House Will Hold Hearing on Project Libra on July 17

 

 

 

 

 

House Financial Services Committee Chairwoman Maxine Waters announced on Monday that her committee has scheduled a hearing for July 17 to examine issues related to Facebook’s Project Libra. According to an article in The Hill, a Facebook spokesperson said that the company “looks forward” to answering the committee’s questions.

Last week, Waters and other lawmakers had called on Facebook to pause development of its cryptocurrency payment network, to give Congress and regulators time to examine the issues and determine an appropriate response. Senate Banking Committee chairman Mike Crapo has already scheduled a hearing to examine the project. That hearing will take place on July 16, one day before the House meets with the company’s representatives.

The Hill noted that Facebook has not yet confirmed which company executives will attend the hearings, but sources have reportedly suggested that Project Libra co-creator David Marcus is likely to be there.

Officials around the world have offered mixed reactions to Facebook’s cryptocurrency plan. In Washington, D.C., however, the plan has been met with skepticism from both sides of the political aisle.

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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