Polsinelli’s Levin on Regulating Facebook’s Libra

The video discusses the classification and regulation of digital assets, focusing on Libra. It explores whether Libra is a commodity, currency, or security, and how it is regulated in the U.S. and abroad. The video highlights the role of FinCEN and other regulatory bodies in overseeing money transfer systems like Libra, emphasizing the importance of policies to prevent money laundering and terrorist financing.

What term is recommended to use instead of 'cryptocurrency' to avoid negative connotations?

• Digital currency

• Digital asset

• Virtual money

• Electronic cash

How is Libra intended to be used according to Facebook and the Libra Association?

• As a tool for investment

• As a commodity for trading

• As a means of purchasing goods and services

• As a security for raising capital

According to Mark Zuckerberg, what should sending money with Libra be as easy as?

• Sending an email

• Posting on social media

• Making a phone call

• Sending a text message

Which U.S. regulatory body is responsible for overseeing money transmission services?

• Federal Reserve

• Securities and Exchange Commission

• FinCEN

• Commodity Futures Trading Commission

What is a key regulatory focus for digital currencies like Libra in the U.S.?

• Maximizing profit margins

• Preventing money laundering and terrorist financing

• Ensuring high transaction speeds

• Encouraging international trade