The director of the Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, has discussed Facebook’s new cryptocurrency project Libra with a bipartisan group of US Congressmen this week. Since Facebook’s subsidiary, Calibra, will offer digital wallets and custody services for Libra, it falls under FinCEN’s jurisdiction. Calibra registered with the regulator as a money services business in February. However, Democratic Congressman Cleaver highlighted the social media giant had failed in the past to identify and impede “nefarious actors.”
According to Cleaver, Facebook has already caused significant damage just by offering messaging and advertising services.