U.S. Senate Banking Committee To Hold Hearing on Facebook’s Libra
A day after Congresswoman Maxine Waters (D-CA), Chairwoman of the U.S. House Committee on Financial Services, made a statement asking Facebook executives “to come before the Committee to provide testimony” regarding its proposed cryptocurrency (Libra), the U.S. Senate Banking Committee announced that it had scheduled a hearing to discuss the same topic.
On Tuesday, June 18th, Facebook announced that it is creating a new “low-volatility” cryptocurrency (a fully fiat-collateralized stablecoin) called Libra (LBR), built-on top of a permissioned but public blockchain called Libra Blockchain. It also said that one of its subsidiaries called Calibra is building a wallet called Calibra that will let you “save, send and spend Libra”.
The U.S. Senate Banking Committee announced that it will hold a hearing on July 16th to discuss Libra. No witnesses have been announced yet. According to Reuters, a source in Washington familiar with the matter has said that David Marcus, Co-Creator of Libra, is expected to testify.
This is the same Committee that wrote an open letter on May 9th to Mark Zuckerberg, Founder, Chairman, and CEO of Facebook, in order to get answers to seven questions about Facebook’s proposed crypto-based global payments system.