The best regulated crypto exchange
Find out why?

US House of Representatives to Hold Meeting About Facebook’s Cryptocurrency Libra

By Yana Berman
June 25, 2019, 12:12 AM GMT
Small
Medium
Large

    The U.S. House of Representatives Financial Services Committee is going to discuss Facebook’s recently announced cryptocurrency Libra on July 17. The meeting was announced on the Committee’s official website.

    The hearing is titled “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System.” As per the press release, the entire Committee will attend the meeting.

    The Committee’s chairwoman, U.S. Representative Maxine Waters, has previously requested Facebook to stop working on Libra until the regulators analyze it and “take action.”

    Waters also mentioned the company’s “troubled past,” apparently referring to the scandal involving a political consulting firm Cambridge Analytica.

    Facebook announced its highly anticipated cryptocurrency Libra on June 18, publishing the project’s white paper on its official website. Libra’s blockchain is set to launch in the first half of 2020. Visa, Uber, MasterCard, eBay, PayPal and other major companies have made investments into the project.

    Shortly after the announcement, the Financial Action Task Force (FATF) urged its member countries, including the U.S., Japan and China, to tighten cryptocurrency regulations. FATF — an intergovernmental body created to combat money laundering — believes that virtual currencies can be used for criminal purposes.

    Meanwhile, on July 16 the Banking Committee of the U.S. Senate is set to hear a testimony on Libra, which will be focused on the issue of data privacy.

    Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

        Small
        Medium
        Large
        Subscribe to Currency.com news
        The most beautiful trading app
        google play storeapple store