Facebook’s Libra is subject to a second hearing next month
- 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.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
