Over the past few days, Facebook’s proposed cryptocurrency Libra has come under fire by the Fed Chair Jerome Powell and US President Donald Trump, causing uneasiness in the overall crypto market as well. On Monday, the social networking giant confirmed that it will not launch Libra until regulatory concerns are addressed.

On Monday, US Treasury Secretary Steven Mnuchin also raised concerns about potential misuse of Libra for money laundering and other illegal activities. Head of Calibra at Facebook, David Marcus, is due to testify in front of the Senate Banking Committee where he will offer clarification about how Libra will not compete with traditional fiat currencies or impact the monetary system in any manner.

Marcus also mentions in his prepared testimony that Libra will be registered as a money services business with FinCEN and will comply with all financial regulations. The Libra Association is in talks with Swiss Financial Markets Supervisory Authority to craft a regulatory framework while the Swiss Federal Data Protection and Information commissioner could become Libra’s privacy regulator ahead of its launch.