US Senate Banking Committee to hold hearing on Facebook’s Libra

The US Senate Banking Committee plans to hold a hearing to discuss Libra, Facebook’s newly announced cryptocurrency project, on July 16.

News of the hearing was initially reported by Reuters.

The hearing will also examine any issues of data privacy stemming from the project, according to the report. Witnesses at the hearing haven’t yet been announced, Reuters reported.

News of the hearing comes a day after Democratic Sen. Sherrod Brown of Ohio, the ranking member of the committee, expressed his concerns over Libra and what it could mean for the power Facebook holds over its users.

“Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight. I’m calling on our financial watchdogs to scrutinize this closely to ensure users are protected,” Brown said in a statement on Tuesday in the wake of the announcement of Libra.

It’s not the first time that the committee has expressed concern over Facebook’s push into cryptocurrency. In May, after reports from The Wall Street Journal that Facebook was working on cryptocurrency-based payments technology, Brown and Republican Sen. Mike Crapo of Idaho, the chairman of the committee, cosigned a letter to Facebook CEO Mark Zuckerberg seeking more information on the social network’s intentions in the space.

“What privacy and consumer protections would users have under the new payment system?” the senators asked Zuckerberg in the letter, on behalf of the committee.

Other prominent lawmakers have expressed their own concerns: Democratic Rep. Maxine Waters of California, the chairwoman of the House Financial Services Committee, called on Facebook to pause the rollout of Libra until regulators had a chance to assess the plan.

“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,” Waters told reporters on Tuesday.

Facebook, for its part, has taken steps that might help insulate it from such criticisms, which is important as it continues to recover from its long string of scandals and clashes with politicians and lawmakers.

It has ceded control of Libra to the Libra Association, a group of companies including Andreessen Horowitz, Uber, and Spotify that will jointly oversee the new cryptocurrency. However, Facebook spearheaded the creation of this coin and remains a part of the Libra Association.

A spokesperson for Facebook directed questions to the committee. A spokesperson for the Senate Committee was not immediately available for comment.

On Tuesday, in response to Brown’s and Waters’ concerns, a Facebook spokesperson said, “We look forward to responding to lawmakers’ questions as this process moves forward.”


more recommended stories

  • Elon Musk’s sister runs passionflix video streaming for romance book movies

    Elon Musk may be the most.

  • The best competing Prime Day 2019 sales — Walmart, Target, eBay, & more

    After four years running, Amazon’s retail.

  • How to set up a custom voicemail greeting on a Galaxy S10

    One of the first things you.

  • I always wanted to be a millionaire and it was nothing like I expected

    Hansson at work. via Basecamp Facebook.

  • Apple AirPod Earbuds Deal: Save $14 to $20 on Amazon Prime Day 2019

    Truly wireless earbuds like Apple’s AirPods.

  • APPLY NOW: Insider Inc. is hiring editorial and video fellows and more

    Insider Inc. has a number of.

  • Video shows men in an over-crowded facility yelling “no shower”

    A video taken and posted on.

  • Sharp and McCann show the future of British boxing is fun and flashy

    02 ARENA, LONDON — Red hot.

  • Jeffrey Epstein launched PR campaign after 2008 sex abuse allegations

    Jeffrey Epstein launched a PR campaign.

  • Prime Day 2019 KitchenAid Stand Mixer deals — sale predictions

    There are some things that never.

  • The best vacuum deals we expect to see during Prime Day 2019

    No matter how diligently you clean.

  • Asylum seeker describes baby’s death from poor medical care in ICE custody

    WASHINGTON (AP) — A Guatemalan mother.

  • A new holding center for migrant children opened in rural Texas

    CARRIZO SPRINGS, Texas (AP) — A.

  • Video seems to show Trump embrace staffer who says he forcibly kissed

    President Donald Trump’s attorneys were accused.

  • How to back up photos from an iPhone with iCloud storage

    If you’re someone who loves taking.

  • Famous people who have flown on Jeffrey Epstein’s private plane

    The financier Jeffrey Epstein, the convicted.

  • 9 questions you should ask flight attendants next time you fly

    Getting on a plane is a.

  • DOJ to swap interpreters with videos at immigration hearings

    The Department of Justice is planning.

  • Federal court ruled against bikini baristas at Washington coffee bars

    Women serving coffee at the Hillbilly.

  • Greece election: Conservative party beats left-wing prime minister

    In his concession speech, Mr Tsipras.

  • Photos of US Navy guided missile destroyer USS Jason Dunham

    During the final days of June,.

  • No-deal Brexit: Boris Johnson to be hit by dozens of new Tory rebels

    LONDON — Dozens more Conservative MPs.

  • Turkey is last major Islamic state not to stand up for China’s Muslims

    In recent months, a wave of.

  • PHOTOS: Sophie Turner’s wedding dress with husband Joe Jonas

    Sophie Turner and Joe Jonas had.

  • The winners and losers of the opening days of NBA free agency

    The NBA offseason has been fast.

  • European stocks are jumping as traders bet on loose Fed policy, while US markets break for the Fourth of July

    Ritzau Scanpix Denmark/Reuters US markets were.

  • Megan Rapinoe shuts down critics: ‘I think I’m extremely American’

    Megan Rapinoe has been no stranger.

  • Steve Irwin and son fed the same crocodile 15 years apart

    Steve Irwin’s 15-year-old son Bob is.

  • Serena Williams will wait before giving Meghan Markle parenting advice

    Serena Williams says she will wait.

  • Stocks are dropping on trade-war jitters after Trump threatens another $4 billion in tariffs on EU goods

    Assoicated Press/Alex Brandon US stocks slid.

  • I went to Times Square to see why tourists love it

    Growing up on Long Island, I.

  • The one place you have to eat in Tokyo, according to chefs

    Boasting a wide array of cuisines.