The U.S. Senate Banking Committee will host a hearing July 16 on Facebook’s cryptocurrency service, The Hill reports. Sen. Sherrod Brown, D-Ohio, a member of the committee, said he has concerns over Facebook’s project. "We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight," Brown said. "I’m calling on our financial watchdogs to scrutinize this closely to ensure users are protected." A Facebook spokesperson said the company looks forward to answering questions about the service as the process moves forward.
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