Mnuchin voices ‘serious concerns’ about Facebook crypto project

The head of Facebook’s cryptocurrency project is expected to tell Congress this week that the company will launch its digital coin after related regulatory concerns are “cleared up.”

David Marcus, in advance testimony released Monday, said the launch of Facebook’s digital coin known as Libra would be preceded by the “broadest, most extensive and most careful pre-launch oversight by regulators and central banks in [financial technology’s] history.”

Marcus made the remarks in his written testimony posted to the Senate Banking Committee’s website ahead of Tuesday’s hearing, when he is set to testify about Facebook’s cryptocurrency and data privacy plans.

Libra would allow users to send and receive money by exchanging a proprietary cryptocurrency backed by dozens of major corporations, including Facebook, Uber and Mastercard.