U.S. House of Representatives to Hold Hearing on Facebook’s Cryptocurrency

The United States House Financial Services Committee will hold a hearing regarding Facebook’s proposed cryptocurrency Libra on July 17.

“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,” said Rep. Maxine Waters, who has renounced the Libra project since the day it was announced.

Waters commented on the shortage of cryptocurrency regulations, stating regulators should study Facebook’s plans “as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.”

On July 16, a day prior to the scheduled hearing, the Senate Banking Committee will hold a hearing entitled “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations.”

France has announced efforts to create an international task force calling on central banks to regulate cryptocurrencies.

The task force will operate under Benoit Coeure, a board member of the European Central Bank.

France will not let Libra operate as a sovereign currency after concerns have risen over anti-money laundering laws.

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