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U.S. Senate Banking Committee sets a July Hearing to discuss Facebook’s Libra project

  • The U.S. Senate Committee on Banking, Housing, and Urban Affairs has scheduled a hearing on Facebook’s Libra cryptocurrency for 16th July.
  • The move comes after several members of Congress including Maxine Waters and Patrick McHenry called for Facebook to halt its Libra project.

The hearing titled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” will seek to assess the risks associated with the crypto project.

The Banking committee has written an open letter to Facebook in May seeking clarification on the inner workings of the Libra crypto project.

The committee also wanted to know exactly what impact regulators had on the project. Facebook is yet to issue a direct response to the letter.