Facebook tells Congress how it thinks Libra should be regulated

Facebook will not launch the cryptocurrency Libra until it has “fully addressed regulatory concerns,” according to David Marcus, the head of Facebook’s Calibra. The remarks are prepared testimony he plans to give tomorrow, in front of the US Senate Banking Committee.

The testimony outlines how Facebook believes Libra — the cryptocurrency it plans to launch next year, with an initial focus on transferring money — will be regulated across the globe. It comes in response to concerns from top lawmakers, who have called on Facebook to testify about its plans to offer banking-related services. It also comes just days after President Trump indicated that Facebook may have to be regulated like a bank in order to offer these services. (This…

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