Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate.

Marcus stated that “Calibra will be affordable and accessible and also safe and secure” and will comply with FinCEN and state regulation. According to Marcus, Libra Corporation will still register with FinCEN despite the fact that it is registered in Switzerland.

Tomorrow, July 17, lawmakers from the U.S. House of Representatives will hold a similar hearing in the Financial Services Committee.Committee chairwoman Rep. Maxine Waters has previously commented on the lack of uniform regulation in the cryptocurrency industry.

Find complete story here: https://cointelegraph.com/news/facebook-stresses-libras-compliance-with-fincen-at-senate-hearing

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