Senate panel schedules a hearing on Facebook's cryptocurrency

The Committee on Banking has questions about Libra and privacy.

It didn't even take 48 hours after Facebook announced its cryptocurrency scheme for the government to raise an eyebrow. House Financial Services Committee Chairwoman Maxine Waters called for Facebook to halt development, and now the Senate Committee on Banking, Housing and Urban Affairs has scheduled a hearing to cover both Libra/Calibra and privacy issues.

The committee did not list the names of witnesses it plans to call, but Reuters reports that Facebook's blockchain exec David Marcus is expected to testify. Will it be a worthwhile exercise that reveals more information about the plan and digs up useful information about how Facebook will manage the information generated or will it be another embarassing episode of political grandstanding? We'll find out on July 16th at 10 AM ET.