In a hearing held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Facebook Head of Calibra David Marcus said the Swiss Federal Data Protection and Information Commissioner will be the regulator of the tech company’s Libra cryptocurrency. In response to Marcus’ statement, FDPIC Head of Communication Hugo Wyler said Facebook has yet to contact the agency. “We expect Facebook or its promoters to provide us with concrete information when the time comes,” Wyler said. “Only then will we be able to examine the extent to which our legal advisory and supervisory competence [are] given.” Before the hearing, U.S. Treasury Secretary Steven Mnuchin said Facebook must address privacy concerns with the Libra project.
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