Law360 (July 22, 2019, 9:29 PM EDT) — Two days of grueling Capitol Hill hearings on Facebook’s digital currency Libra left observers certain the existing regulatory framework for financial services cannot provide the tools necessary to address mounting concerns raised by experts, highlighting the need for congressional action.
A variety of suggestions have been put forward to address the technology, ranging from legislation to prevent tech companies from providing financial services to the expansion of existing agencies’ powers — and possibly the establishment of a whole new agency to regulate the emerging nonbank fintech space.
Yet experts following the conversation say one thing is clear: The existing regulatory framework…
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