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Treasury Secretary Steven Mnuchin on the department's concerns over Facebook's plan for a cryptocurrency called Libra.
Facebook cryptocurrency chief David Marcus will testify on Tuesday that the company will not launch its “Libra” initiative until it has received approval from U.S. regulators, according to a transcript of his prepared remarks.
Marcus is set to testify before the Senate Banking Committee on Tuesday to address widespread concerns about Libra, the Facebook-backed cryptocurrency set to launch in 2020. President Trump, Federal Reserve Chairman Jerome Powell and various other officials have expressed concern about risks Libra could pose to the U.S. economy and to consumers.
“The time between now and launch is designed to be an open process and subject to regulatory oversight and review. In fact, I expect that this will be the broadest, most extensive and most careful pre-launch oversight by regulators and central banks in FinTech’s history,” Marcus said in the prepared remarks, adding that “Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.”
Facebook unveiled plans for the cryptocurrency platform in June and announced the creation of a subsidiary, Calibra, to oversee its interests in Libra. Facebook will not exercise direct control over Libra, which will instead be managed by the independent, Switzerland-based Libra Association. The organization includes several major companies, including Facebook, Visa, PayPal and Uber.
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