Is Facebook a Bank? Congress Pushes for Answers on Crypto Foray

Bloomberg
Bloomberg
Jul 18, 2019 · 5 min read
A “Zuck Buck” is displayed on a monitor as David Marcus, head of blockchain with Facebook Inc., is questioned during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, July 17, 2019. Photo: Andrew Harrer/Bloomberg

By Kurt Wagner and Julie Verhage

After surviving a two-day battering on Capitol Hill, now comes the hard part for Facebook Inc.: turning its 12-page white paper into a legitimate cryptocurrency in the face of deep skepticism from central banks, regulators and politicians of all stripes.

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