Press Releases

McHenry Calls for Hearing on Facebook’s Recently Announced Cryptocurrency Project


Washington, June 18, 2019 -

WASHINGTON – Today, Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), called on Chairwoman Maxine Waters (CA-43) to hold a hearing on Facebook’s new global cryptocurrency project, “Project Libra.” In his letter, he highlights the potential for this new technology to foster “financial inclusion and faster payments,” but stated many questions remain, and it is critical the committee “assess this project and its potential unprecedented impact on the global financial system.”

Read the full text of Ranking Member McHenry’s letter here or below.

Dear Chairwoman Waters:

I write to request a hearing on Facebook and its recent announcement to create a new global cryptocurrency project, “Project Libra.”

According to recent news reports, Facebook, together with a number of other financial institutions and companies, is launching a new digital currency. Unlike existing digital currencies, Facebook has a worldwide platform and scale that can impact global payments and the digital currency market.

While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework. It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.

I appreciate your prompt attention to this request and look forward to working with you to schedule this important hearing. If you have any questions, please do not hesitate to contact me.



                                                                        Patrick McHenry

                                                                        Ranking Member

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