The US Senate Banking Committee will hold a hearing on the cryptocurrency project Libra in the middle of next month.

According to the economic news website MarketWatch reported on June 19, the US Senate Banking Committee will hold a hearing on Facebook on July 16 for Facebook's cryptocurrency project Libra.

12980524225_9918510a3b_c

Image source: visualhunt

On June 18th, social media giant Facebook released a white paper on Libra. The stable currency, called Libra, will operate on the local blockchain of the same name and will be supported by a basket of reserve currencies that “are intended to give intrinsic value and reduce volatility risks”.

After the project was announced, US regulators expressed concern about the possible impact of the project on financial stability. Maxine Waters, chairman of the US House Financial Services Committee, asked Facebook to suspend the development of the project during the investigation of the project by the regulator. He said:

“In view of the company’s problems in the past, I asked Facebook to agree to suspend any action to develop cryptocurrencies until Congress and regulators are able to review these issues and take action.”

According to reports, the Banking Committee will hold a hearing on July 16 called "Reviewing Facebook's Digital Currency and Data Privacy Issues."

Federal Reserve Chairman Jerome Powell said in a speech on interest rates on Wednesday that Facebook has consulted the regulator before launching the project:

“Facebook has had extensive exchanges with regulators, regulators and stakeholders around the world and discussed their plans, which of course include the Federal Reserve.”

Government officials from other countries also expressed doubts and concerns about this new project. French Economy and Finance Minister Bruno Le Maire said the government intends to ask Facebook to provide assurances about the Libra project.

Cointelegraph had previously reported that Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, also said that Russia would not legalize the use of Libra.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

After FCoin's "incident", key figures from the team responded!

On the evening of February 12, an announcement on the FCoin Exchange regarding "the latest progress of system ma...

Blockchain

Blockchain industry distribution survey: 42% of practitioners are exchange employees

The block, a cryptocurrency research firm, recently analyzed 158 companies focused on blockchain and cryptocurrency. ...

Blockchain

Latest updates on regulatory events: CZ releases internal memo, Gensler criticizes two exchanges again.

According to Gensler, his agency has obtained internal communications that allegedly indicate intentional illegal beh...

Blockchain

The FATF's strongest regulatory new regulations have come, and the exchange's "resistance" will be held at the end of the month.

The world's mainstream cryptocurrency market – the United States, Japan, South Korea, China, how long is i...

Blockchain

Exchange Rollover Records: A Article Seeing 64 Rollover Accidents Since 2018

Editor's Note: The original title was "Exchange Overturn" Source: Tokenin Users using a centralized ex...

Blockchain

Intercontinental Exchange CEO: The bear market will boost the implementation of the Bakkt Bitcoin futures program

According to Coindesk's May 3 report, an executive at Bakkt's parent company on the Bitcoin Futures Exchang...