Facebook’s testimony to congress: Libra will be regulated by Swiss

The head of Facebook’s blockchain subsidiary Calibra David Marcus released his prepared testimony before congress for tomorrow and Wednesday, explaining that “The Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association. The Association also intends to register with FinCEN as a money services business.”

Below you can read the full testimony:

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