US Senate sets July 16 as date to hear Libra testimony following concerns

20 Jun, 2019
US Senate sets July 16 as date to hear Libra testimony following concerns

The US Senate has set a date of July 19 to hear testimony on Facebook's crytocurrency project Libra following concerns that the company has had previous issues in the past.

Earlier this week, Rep. Maxine Waters demanded that Libra halt all activity after launching, stating "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.”

The banking committee have announced that they will hold a hearing "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations."

While Facebook has consulted regulators before launching the project, the US Senate do not appear happy about the current situation and could perhaps feel threatened by the amount of power the Facebook cryptocurrency will have.

Libra has seen several countries voice their concerns about the cryptocurrency, and there could be an unexpected backlash by governments moving forward that could ultimately dampen then successful use of Facebook's crypto project.

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