House panel sets hearing on Facebook currency

|About: Facebook, Inc. (FB)|By:, SA News Editor

The House Financial Services Committee has set a hearing on Facebook's (NASDAQ:FB) digital currency efforts for July 17.

That follows closely on a Senate hearing on the same subject to be held the day before.

The panel will convene a hearing titled "Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System" at 10 a.m. ET.

House Financial Services Chairwoman Maxine Waters spoke quickly about the need for a hearing hours after Facebook formally unveiled its Project Libra. Waters, a Democrat, had received a letter from the panel's ranking Republican calling on her to convene a hearing.

Subscribe for full text news in your inbox