US House Financial Services Committee organizes a hearing on Facebook's libra cryptocurrency next month, one day after the Senate Banking Committee holds its previously announced hearing.
Maxine Waters, head of the powerful house committee, announced Monday's hearing, The Hill reported, after calling on Facebook to suspend project development several times last week. The hearing is scheduled for July 17, and no witness list has yet been published.
She told CNBC on Thursday that "It is very important for them to stop right now what they do so we can get this," Adds:
"We need to protect our consumers. We can't just allow them to go to Switzerland with all their co-workers and start competing with the dollar. "The Senate Banking Committee announced on Wednesday that it would hold its own hearing on July 16 to ask the Facebook team about the project.
The committee had already sent a letter to Facebook last month describing a number of questions relating to Facebook's privacy and consuming data storage practices.
Facebook presented libra last week and outlined an ambitious plan to form a governing council and use two tokens to form a nationally independent financial system.
The social media giant intends to help 1.7 billion unbanked people access financial services, as well as streamline payments through their Messenger and WhatsApp platforms.
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