U.S. lawmakers want answers from Facebook concerning the companies crypto project.
His testimony is expected on Oct 23, 2019 and is set to examine the impact of Facebook entering the Fin-Tech space. This discussion will focus on the impact of all sectors tied to the project.
The house currently has legislation on the docket that is called “Keep Big Tech Out of Finance Act.” Which would preclude companies like Facebook and Twitter from becoming chartered, registered or licensed as a US financial institution
It also prohibits these platforms from distributing a digital asset to be widely used as a medium of exchange or similar function as defined by the Federal Reserve.
This will be the third meeting lawmakers have had with Facebook concerning LIBRA and its launch partners
247MarketNews has reached out to Facebook for comment and will update if we hear back.