US Senate will Hold a Hearing in July to Examine Facebook’s Stablecoin

[ChainDD report] June 20 (ChainDD) The US Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing on Facebook’s stablecoin Libra at 10:00 a.m. of July 16 EST.

The hearing, titled “Examing Facebook’s Proposed Digital Currency and Data Privacy Considerations”, will be broadcasted publicly. But the committee didn’t disclose who will testify in front of lawmakers.

According to ChainDD’s previous news, on June 18, the same day that Facebook released Libra’s whitepaper, Maxine Waters, chair of the US House financial service committee, called on Facebook’s executives’ testifying before the congress and halting development of its stablecoin Libra, until lawmakers and regulators complete its review.

“Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data,” Waters said in a statement. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.”

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