Facebook Defends Against Crypto Concerns in Letter to Senators

July 9, 2019, 10:01 PM

Facebook is seeking to allay lawmakers’ concerns with its planned crypto payments venture by promising continued engagement with regulators, policymakers and central banks.

Facebook and its partners are “fully committed to advancing the global dialogue on how blockchain and cryptoassets should be regulated,” David Marcus, the Facebook executive tapped to lead the project, said in a letter made public July 9.

The letter is in response to inquiries in May from Senate Banking Committee Chairman Michael Crapo (R-Idaho) and ranking member Sen. Sherrod Brown (D-Ohio) seeking details about Calibra, a new Facebook subsidiary company that will operate as a money ...

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