Renewable Energy

U.S. Senate panel to examine Facebook digital currency project


The U.S. Senate Banking Committee will discuss Facebook Inc's proposed cryptocurrency at a July 16 hearing, the panel announced Wednesday.

By Pete Schroeder

WASHINGTON, June 19 (Reuters) - The U.S. Senate Banking Committee will discuss Facebook Inc's FB.Oproposed cryptocurrency at a July 16 hearing, the panel announced Wednesday.

The hearing will explore the project, dubbed Libra, as well as any data privacy considerations it may raise, the committee said. No witnesses have been announced yet, although someone from Facebook is expected to testify, according to a committee spokesperson.

The announcement comes one day after the social media giant announced it planned to launch a new global cryptocurrency, which immediately attracted attention from regulators across the globe, and skepticism from Washington.

Representative Maxine Waters, the Democrat who chairs the House Financial Services Committee, said Tuesday she planned to similarly call Facebook to testify, and asked the company to halt the project while policymakers studied it.

In May, the leaders of the Senate Banking Committee wrote to Facebook seeking information on rumors of its cryptocurrency project, and how it would protect consumer information.

On Tuesday, a Facebook representative said the company looked forward to answering lawmaker questions. The company did not immediately respond to a request for comment on the July 16 hearing.

Facebook's cryptocurrency ambitions face privacy concerns, political backlash

BREAKINGVIEWS-Facebook throws down crypto-gauntlet to critics

U.S. lawmaker calls for Facebook to pause cryptocurrency project

(Reporting by Pete Schroeder; Additional reporting by Katie Paul in San Francisco; Editing by James Dalgleish and Lisa Shumaker)

((; 202-310-5485;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Renewable Energy Videos

BlackRock's Giordano Sees More Activity and Opportunities in Renewable Power

David Giordano, BlackRock's global head of renewable power, and Lale Topcuoglu, J O Hambro senior fund manager and head of credit, discuss the trends in the renewable power market and investing in green bonds with Bloomberg's Alix Steel

6 days ago


Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at and via Reuters TV.

Learn More