Senate Schedules July Crypto Hearing on Facebook’s Libra Coin

Coinspeaker Senate Schedules July Crypto Hearing on Facebook’s Libra CoinUS Senate Banking Committee announced they will be holding a hearing next month to question witnesses over Facebook’s new cryptocurrency initiative, Libra.The hearing, called “Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations,” is set for July 16th, but the committee has yet to decide who exactly will be testifying.The hearing should be based on investigating the Libra project “as well as any data privacy considerations it may raise.” While no witnesses have been formally announced, a source told Reuters that Facebook’s point man on blockchain, David Marcus, can be expected to testify at the hearing. He recently said:“The network will be available globally when it’s ready, and then it’s up to individual wallets to decide whether to go global or focus on specific countries. Facebook is now in the process of obtaining the appropriate licenses … in order to operate in as many geographies as we possibly can.”Just for a reminder, Facebook is working with 27 partners on this project, all of them member of Fortune 500, and its subsidiary Calibra is set to launch a Libra wallet on Messenger, WhatsApp, and another standalone app in 2020.First country they choose to start work in will probably be countries where banking and money-transfer services often come with exorbitant fees and where Facebook serves as the primary portal to the internet for millions of people.After the news about hearing was announced, senator Elizabeth Warren tweeted:Facebook has too much power and a terrible track record when it comes to protecting our private information. We need to hold them accountable—not give them the chance to access even more user data. #BreakUpBigTech— Elizabeth Warren (@ewarren) June 19, 2019Sen. Josh Hawley said that it seems like Facebook is expanding their monopoly with its new cryptocurrency project. He said:“We need to see exactly what their specific proposals are, but I’m very concerned about Facebook’s behavior on a range of fronts. I’m concerned about their size, I’m concerned about their anti-competitive conduct, I’m concerned about their rampant violations of privacy.”He added that there needs to be an antitrust investigation and that in the meantime, if it’s just a fine of a few billion dollars, that’s a speeding ticket to Facebook.Jerome Powell, chairman of the U.S. Federal Reserve, confirmed that Facebook met with the central bank in the run-up to the reveal of its Libra cryptocurrency.He was a little bit more gentle on the company saying there is a long way for potential effects on monetary policymaking to happen and “digital currencies are in their infancy.” He said:“So essentially…not too concerned about the central banks no longer being able to carry out monetary policy because of cryptocurrencies or digital currencies.”Senate Schedules July Crypto Hearing on Facebook’s Libra Coin

Gemini Exchange Might Join Facebook’s Libra Association
Thursday July 11, 2019

Coinspeaker Gemini Exchange Might Join Facebook’s Libra AssociationJust recently, Gemini founders – the Winklevoss twins – admitted that they are about to join the Libra Association, the consortium behind Facebook’s cryptocurrency project Libra.“We’re definitely looking at it in earnest and we’re excited about the project,” Cameron Winklevoss explained.Also, they carry a healthy bag of optimism […]

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