The U.S. Senate Banking Committee will hold a special hearing to discuss on Facebook's crypto project, Reuters reported yesterday.
The hearing will be held on July 16 and its aim is to analyze the project as well as its potential risks. The financial committee has asked Facebook to halt the project while it is analyzed by experts.
It is still unknown who will represent the company in the hearing, however, David Marcus, who is responsible for Facebook's blockchain unit, will testify.
The Banking Committee sent on May a letter to Facebook asking the social network to provide information about its project and how it planned to protect the users' information.
Facebook launched on June 18 the white paper of its Libra token as well as its Calibra digital wallet, which will allow users to send and receive tokens directly on the company's messaging apps - Facebook Messenger and WhatsApp.
Shortly afterwards, David Marcus said the Libra project would transfer users' data to the authorities to prevent crime and to comply with regulatory requirements.
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