Facebook’s pending digital currency system bears watching by Fed, Senator Crapo says

17 May 2019 6:21pm
The head of the Senate Banking Committee urged top US financial regulators to monitor Facebook’s compliance with consumer and privacy protection rules as it prepares to start a cryptocurrency-based payments system.

“It seems appropriate,” Idaho Republican Mike Crapo said at a hearing this week, “our federal financial regulators would need to understand the nature of Facebook’s financial-services activities, and engage to ensure that it follows all applicable laws and regulations.”

The senator addressed his request to Randal Quarles, the Federal Reserve Board’s vice chairman of supervision; Jelena McWilliams, the Federal Deposit Insurance Corporation chief; and Joseph Otting, comptroller of the currency.