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

By Yana Berman

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.

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