WASHINGTON/NEW YORK: U.S. lawmakers from both sides of the aisle are set to grill Facebook Inc on its cryptocurrency plans on Tuesday, as the project continues to draw intense scrutiny from financial regulators and politicians across the globe. Facebook is fighting a rearguard action to get Washington onside after it shocked regulators and lawmakers with an announcement on June 18 that it was hoping to launch a new digital coin called Libra in 2020.
Marcus, who was president of PayPal from 2012 to 2014, will try to assuage concerns by promising that Facebook will not begin offering Libra until regulatory issues are addressed, according to prepared testimony the committee posted on Monday. "We know we need to take the time to get this right," Marcus, who is also due to testify before the House Financial Services Committee on Wednesday, will say.
Rumors had surfaced as early as last year that Facebook was working on a digital currency, but news that the project was in its advanced stages started to emerge only in recent months.In the weeks leading up to the announcement, the company began reaching out formally to key regulators including the Federal Reserve, the Treasury and the Commodity Futures Trading Commission.
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