This week, David Marcus, the blockchain lead of the social media giant that intends to launch its own cryptocurrency, Libra, testified in two separate hearings before the United States Senate Committee on Banking, Housing, and Urban Affairs and the United States House of Representatives Financial Services Committee. The day before the first hearing, the U.S. House of Representatives Financial Services Committee circulated draft legislation, titled "Keep Big Tech Out Of Finance Act," that would prevent large technology firms from acting as financial institutions or issuing digital currencies. Also, U.S. Treasury Secretary Steven Mnuchin held a press conference on the day before the first hearing, where he discussed money laundering and terrorist financing risks related to cryptocurrencies. Later in the week the president of the G7 group of advanced economies held a press conference, where he cited "serious regulatory and systemic concerns" related to Libra.
Late last week, a group of four major cryptocurrency exchanges – Gemini, bitFlyer, Bittrex and Bitstamp – announced the formation of the Virtual Commodity Association, a new self-regulatory organization for the cryptocurrency exchange industry. And in France, the country's Financial Markets Authority recently took steps toward approving the first group of companies that will operate under a new legal framework, set to take effect at the end of July, that is intended to attract cryptocurrency and blockchain-related businesses to France by simplifying and clarifying applicable regulations.
For more information, please refer to the following links:
- Facebook currency chief faces withering questioning from Democrats in Congress
- Testimony of David Marcus, Head of Calibra, Facebook
- U.S. proposes barring big tech companies from offering financial services, digital currencies
- White House Press Briefing by Treasury Secretary Steven Mnuchin on Regulatory Issues Associated with Cryptocurrency
- G7 urges strict Libra regime, eyes minimum tax
- Crypto Group Launches Committees In Bid To Self-Regulate
- France to approve first crypto-issuers as new rules loom
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