Now, US' House AND Senate have hearings scheduled on Libra, one day apart

24 Jun, 2019
by David Borman
Now, US' House AND Senate have hearings scheduled on Libra, one day apart

Within a day of Facebook announcing the Libra currency, the United States Senate Banking Committee declared that it would hold a hearing on the development on July 16th. Now, The Hill is reporting that another hearing has been scheduled the following day, this one with the House Financial Services Committee.

It was announced by Chairwoman Maxine Waters, who also released a statement on the Libra just hours after its reveal, that the Financial Services Committee will hold a hearing on Facebook’s Project Libra on July 17. Seeing as the Senate's meeting is the day prior, it should make for a dramatic one-two punch for the Libra.

It is expected that the leader of Project Libra, David Marcus, will attend both hearings, however who else from Facebook may be there still remains a mystery. Facebook has maintained the generic stance of "We look forward to responding to lawmakers’ questions as this process moves forward," but has given little other information on governmental concerns.

It is unclear exactly what stance the government may take after these hearings, but they do seem to be wary of the move by Facebook. Rep. Patrick McHenry of the Financial Services panel is quoted as having requested the hearing due to Libra's "potential unprecedented impact on the global financial system."

Will the US government crack down on Libra? Or is this just another step towards the process of regulation? Stick with Chepicap for all Libra updates as the drama unfolds!

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