Hearing on Facebook's Libra is Going to be Held by US House of Representatives on July, 17th

Facebook's announcement on launching their own cryptocurrency named Libra attracts many demurs against it. France has shown that they are strictly against Libra & it drives the United States House of Financial Services Committee to hold a hearing on Social Media Giant Facebook's cryptocurrency, Libra on July, 17th, as per a press release on June, 24th.

Committee chairwomen, Maxine Waters had already told Facebook to stop working on Libra until they scrutinize the proposal submitted by facebook. Here is the excerpt of what she said:

We’ve got to protect our consumers. We just can’t allow them to go to Switzerland with all of its associates and begin to compete with the dollar.

On a day before this hearing i.e on July, 16th, Senate Banking Committee is also going to hold a hearing on Facebook's cryptocurrency, Libra to examine it in detail.