David Marcus before the Senate banking committee
Big tech executives are getting a taste for life as regulated organizations.
It remains to be seen how much they like it and whether they think it’s worth the candle for the extra revenue handling payments may bring.
On Tuesday, David Marcus, head of Calibra – the Facebook subsidiary designing a new global cryptocurrency for retail and business users – appeared before the Senate banking committee and tried to order back the tide of disapproval that has overwhelmed the Libra project since its announcement in June.
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Steven Mnuchin, |
The scene had been set the day before by US Treasury secretary Steven Mnuchin, when he made clear that “the Treasury department has expressed very serious concerns that Libra could be misused by money launderers and terrorist financiers”.
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