Lawmakers wasted little time making plans to examine Facebook’s cryptocurrency.
The US House Financial Services Committee has scheduled a hearing on Facebook’s Libra for July 17, one day after a planned Senate banking committee hearing on the digital currency.
Politicians in both the United States and abroad began sounding the alarm just days after Facebook (FB) announced its cryptocurrency plans last week. The company says Libra, which will be managed by an independent nonprofit organization, has the potential to become a universally accepted digital currency that could fundamentally change payment systems and improve financial inclusion. But US regulators want to know what that will mean for the American financial system, as well as consumers and investors.
Maxine Waters, the Democrat from California who chairs the House Financial Services Committee, released a statement one day after the Libra announcement asking Facebook to halt its development until regulators have a chance to “take action.” On Tuesday, Waters said she is circulating a letter to gain support for her call to pause the project, Reuters reported.