Facebook’s second U.S. congressional hearing also to hold in July.

Following recent reveal that a hearing on Facebook’s libra cryptocurrency will be held on July 16th by the U.S. House Financial Services Committee, the Senate Banking Committee has scheduled its previously announced hearing one day after.
The Hill reported Chairperson of the regulatory House committee Maxine Waters, announced the hearing Monday, June 24, this is about a week after multiple calls for Facebook to suspend development of the project. The hearing is scheduled for July 17, and no witness list has yet been released.

Waters said in a statement to CNBC on Thursday last week, “It’s very important for them to stop right now what they’re doing so that we can get a handle on this,” and added “We’ve got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar.

With an intent to ask Facebook’s team about the project and get answers, the Senate Banking Committee had announced on Wednesday last week that it would hold its own hearing on July 16. The committee had already sent Facebook a letter last month outlining a number of questions that are regarding Facebook’s privacy and consumer data storage practices. The U.S. House Financial Services Committee is very powerful indeed, even without prior official address or questions to Facebook, they will get at their intended aim by the day of the hearing.

The social media giant that had given a shot at creating financial services a few years back successfully did so this time with the newly unveiled Libra currency and project as a whole. Recent news has it that they intend to help 1.7 billion unbanked individuals access financial services, as well as streamline payments through its Messenger and WhatsApp platforms.
Their plan is quite ambitious; to form a governing council and use two tokens to form a financial ecosystem that is nation-independent, and has become highly questionable and mostly antagonized within such a short time.

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Credit – Nikhilesh De

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