Congressional Hearings 'Just The First Step' For Facebook Crypto Project

With Facebook scheduled to appear before U.S. Congress this week to make the case for its cryptocurrency project Libra, the social media giant faces an uphill struggle to convince wary legislators it does not pose consumer protection or financial crime risks.

On Tuesday, Calibra head David Marcus will appear before a Senate Banking Committee hearing convened to examine the proposed cryptocurrency and accompanying payment system. The House Financial Services Committee will question Marcus on the matter the following day.

But the hearings likely are just the beginning, experts note — and passing muster with financial regulators might be an even taller task.

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