Identity crisis for Facebook’s Libra under lawmakers’ grilling
Washington wrestles with ‘regulating the heck’ out of Libra without stifling innovation
After two days of intense Congressional hearings, US lawmakers are no nearer to determining what type of regulation should govern the new digital currency and crypto wallet proposed by social media company Facebook.
Part of the problem is that David Marcus, chief executive of digital wallet Calibra, does not believe Libra – the proposed reserve-backed digital currency – is a security, which would place it under the purview of the US Securities and Exchange Commission. Neither is he entirely
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