Facebook’s Libra is subject to a second hearing next month

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  • The U.S. Congress is further pressing ahead for another hearing on Facebook’s cryptocurrency plans.
  • Concerns are growing around the impact on consumers and also competing with the dollar.

 

Congress is largely calling for a second hearing on Facebook’s Libra cryptocurrency in July, as concerns further mount.

Maxine Waters, the chairwoman of the House Financial Services Committee did announce the panel will be holding a second hearing on Facebook’s intentions to develop a cryptocurrency based payment platform.

The chairman was quoted saying:

It’s very important for them to stop right now what they’re doing so that we can get a handle on this. We’ve got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar.

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