U.S. Senate Banking Committee schedules Libra-focused hearing for July

After U.S. House Financial Services Committee Chairwoman Maxine Waters called for a moratorium on Facebook's development of Libra, its coming cryptocurrency, the Senate Committee on Banking, Housing, and Urban Affairs has scheduled a hearing on "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" for July 16.

The hearing has not yet reached the public schedule and witnesses have not been announced, but it will be webcast on the committee's website. 

The Financial Services Committee has yet to schedule its own Facebook-focused hearing, although committee member U.S. Rep. Patrick McHenry has called for one. His letter to Waters requesting the hearing prompted her call for a halt in the coin's development until regulatory questions could be answered. In her response, Waters said Facebook executives should testify before the committee. 

Lawmakers sought more information from the social network about its crypto plans in May, with the Banking Committee addressing an open letter to Facebook CEO Mark Zuckerberg including questions on regulatory and privacy concerns after rumors of a Facebook crypto first emerged.