The House Financial Services Committee of the United States will be apparently holding a hearing on the social media giant Facebook and its proposed virtual currency Libra on July 17, according to a press release which officially went live on June 24. The Libra hearing announcement comes by way of the committee chairwoman Rep. Maxine Waters, who previously called on Facebook to cease the work on Libra until the Congress and regulators had a chance to scrutinize the proposal.
“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,” Rep. Waters said back then.
Her public statement on the Libra hearing also included a comment on the lack of uniform regulation in the crypto market and pointed out that regulators should view Facebook’s plans for Libra as “a wake up call to get serious about the privacy and national security concerns, risks in cybersecurity as well as trading risks which are posed by cryptocurrencies.”
The Senate Banking Committee, as the latest cryptocurrency news show, is also reportedly scheduled to hear about the details of Libra the day before that (July 16) in a session called “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.”
The Libra hearing has been a hot topic in the altcoin news. As we previously reported, France is heading the efforts to create an international task force that will regulate cryptocurrencies via central banks. This task force will reportedly be a G7 committee that will operate under Benoit Coeure, a board member of the European Central Bank.
Meanwhile, France is reportedly against the Libra project and it operating as a sovereign currency, the coming altcoin news show. The country is concerned about how to enforce regulatory compliance, such as for anti-money laundering laws.
As many best cryptocurrency news sites reported, Facebook is planning a revolution with the Libra project – and the Libra hearing is only going to aid it – if things go as planned. There has been no official statement or fresh update from the chief at Facebook, Mark Zuckerberg.
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