Morgan Stanley’s Graseck Says Libra Should Expect to Be Regulated

The video discusses the growing concern of federal officials about big tech companies entering the banking and finance sectors. It highlights the regulatory challenges these companies face, particularly in relation to payment systems and compliance with existing banking regulations. The discussion also touches on the competitive threat big tech poses to traditional finance and other industries, drawing parallels with the automotive sector. The importance of adhering to regulations like the Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) is emphasized, especially for new entrants like Libra.

In what ways does the speaker compare the current situation in finance to the automotive industry?

What regulatory requirements does the speaker believe new entrants to the payment system must adhere to?