7/13, 5:15 PM (Source: TeleTrader)
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US regulators comparing Libra to ETFs – report

The Securities and Exchange Commission in Washington is looking at whether it would have jurisdiction over Facebook Inc.'s so-called permissioned blockchain digital currency, the Wall Street Journal reported on Saturday, quoting unnamed insiders. The Libra project, under preparation by the social media giant's subsidiary Calibra and 27 partners, is apparently being examined to determine how much its design is comparable to exchange-traded funds, or ETFs.

Such a conclusion would put the endeavor within SEC's scope. The company run by chairman and chief executive Mark Zuckerberg, which is said to have successfully ended a settlement process with the Federal Trade Commission over privacy breaches, has already talked to several regulatory bodies including the Federal Reserve.

Facebook's representative David Marcus is due in the United States Senate on July 16 at a hearing on what is imprecisely called a cryptocurrency. Authorities have raised concerns about possible money laundering and user data mishaps while the latest leak reveals questions about the share of control among the consortium.

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