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Libra will be regulated by Swiss – TechCrunch



David Marcus, the head of Facebook Calibra's affiliate David Marcus, publishes his prepared testimony to the congress tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government as the headquarters are located there. Meanwhile, he says Facebook's Calibra Libra Association and the Walibort Portfolio intend to comply with all tax, money laundering and anti-fraud laws in the US. [19599005] The Libra Association expects that it will be licensed, regulated, and subject to oversight. As the Association is headquartered in Geneva, it will be controlled by the Swiss Financial Market Authority (FINMA), Marcus wrote. "We have held preliminary discussions with FINMA and expect to engage them with an appropriate regulatory framework for the Libra Association. The association also intends to register with FinCEN [The U.S. Treasury Department’s Financial Crimes Enforcement Network] as a business with monetary services. "

Marcus will protect Libra before the Senate Banking Committee on July 16th and the House Financial Services Commission on July 17th. Speech Maxime Waters of the Subcommittee House has already sent a letter to Facebook and the Libra Association asking to stop the development and plans to launch Libra early in 2020, "while regulators and Congress have no opportunity to address these issues and take action. "The big question is whether Congress is sufficiently understood to understand Libra to the extent that it can regulate it in a consistent manner. The testimony of Facebook CEO Mark Zuckerberg before Congress last year was filled with lawmakers who dealt with issues that were not known or not.

Sen. Orin Hatch dishonestly wanted to know " how do you maintain a business model in which consumers do not pay for your service?" To whom Zuckerberg smiled: "Senator, we run ads." It is difficult to imagine that it has mastered a semi-centralized crypto-wave, which takes us 4,000 words to explain correctly, and a 6-minute video just to summarize.

to alleviate the main concern that Libra is trying to replace the dollar or intervene in financial policy, Markus writes that " The Libra Association, which will manage a reserve, does not intend to compete with whatever either sovereign currencies or entering the monetary policy arena. He will work with the Federal Reserve and other central banks to make sure that Libra does not compete with sovereign currency or interfere with monetary policy. Monetary policy is the right province of central banks

Marcus's testimony comes days after President Donald Trump writes Friday to condemn Libra, arguing that "unregulated Crippot assets can facilitate illegal behavior, including drug trafficking and other illegal activities. Similarly, Facebook's "virtual currency" for Libra will have little status or reliability. If Facebook and other companies want to become a bank, they need to look for a new bank charter and become the subject of all banking regulations, just like other banks, both domestic and international. "

TechCrunch asked Facebook for a reply on Friday. refused to provide. However, a Facebook spokesman noted that Libra will not interact with consumers or act as a bank, and that Libra should complement the existing financial system.

As for Libra's compliance with US anti-money, Marcus explains that Libra Association is similarly committed to supporting the efforts of regulators, central banks and legislators to ensure that Libra contributes to the fight against money laundering, the financing of terrorism. and more, "explains Marcus. "The Libra Association will also maintain policies and procedures with regard to AML and the Bank Secrecy Act, the fight against terrorist financing, and other national security laws that its members will have to comply with if they decide to provide financial services on Libra Network "

He argues that" Libra should improve detection and enforcement rather than returning "because cash transactions are often used by criminals to avoid law enforcement. " A network that helps transfer more paper money transactions – where many illegal activities happen – to a digital network that has on-board and off-grid regulated KYC practices, coupled with the ability to

As far as Facebook itself is concerned, Marcus writes that "The Calibra portfolio will comply with FinCEN's rules for its PIC / FM program and the rules set by the Office for the Control of Foreign Assets (OFAC). , Similarly, Calibra will comply with the Bank Secrecy Act and will incorporate the KYC and AML / CFT methodologies used throughout the world. [19659906] Below you can read Marcus' complete testimony: [19659009] For full details of how Libra works, read our story about everything you need to know


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