Banking Law News

Is Facebook a Bank? Congress Pushes for Answers on Crypto Foray

July 18, 2019, 11:59 AM

After surviving a two-day battering on Capitol Hill, now comes the hard part for Facebook Inc.: turning its 12-page white paper into a legitimate cryptocurrency in the face of deep skepticism from central banks, regulators and politicians of all stripes.

David Marcus, the Facebook executive leading its blockchain efforts, spent much of his time at congressional hearings this week apologizing for the past mistakes of his employer. When he wasn’t defending Facebook, Marcus tried to explain how Libra—the proposed currency—would actually work. He said repeatedly that he wants to work with Congress and regulators to get Libra off the ground,...

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