Facebook's testimony to Congress: Libra will be regulated by Swiss

Josh Constine
Facebook's testimony to Congress: Libra will be regulated by Swiss

The head of Facebook's blockchain subsidiary Calibra David Marcus has released his prepared testimony before Congress for tomorrow and Wednesday, explaining that the Libra Association will be regulated by the Swiss government because that's where it's headquartered. Meanwhile, he says the Libra Association and Facebook's Calibra wallet intend to comply will all U.S. tax, anti-money laundering and anti-fraud laws. "The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight.