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Facebook exec says stablecoins ‘probably’ require more regulation – Yahoo Finance

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SEC Chair Gary Gensler put forward a wide-ranging view of potential cryptocurrency regulation at a Senate hearing this week, saying that a type of digital asset called stablecoins may be considered a security.

The comments come as the Treasury Department works with other federal agencies to draft a report by next month on potential regulations for stablecoins, a form of cryptocurrency that pegs its value to a commodity or currency, like the U.S. dollar.

New rules could draw support from a top industry player, Facebook’s (FB) David Marcus, who has spearheaded the tech giant’s soon-to-launch digital wallet called Novi. Marcus also sits on the board of the Diem Association, a coalition of corporate and non-profit members that aim to bring out a stablecoin called Diem that will be exchanged over the new digital wallet from Facebook.

In a new interview, taped prior to Gensler’s comments on Tuesday, Marcus told Yahoo Finance stablecoins “probably” will require additional regulation, which should focus on consumer protection as well as the prevention of illegal payments like money laundering.

“Do we need more regulation?” says Marcus, head of F2, also known as Facebook Financial. “The answer is probably ‘yes.’” 

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“The first thing is really consumer protection,” he adds. “Do consumers understand what they’re buying? And what guarantees do they have to get their money out in an adverse event? And so that pertains to if you’re talking about stable coins, specifically, what are the reserves made of? 

“Are they’re fully backed? reserves? Or are they not fully backed? And if they are fully backed? What are they backed with?” he adds.

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During Gensler’s testimony before the Senate Banking Committee on Tuesday, Democratic Senator Elizabeth Warren (D-MA) asked about the possibility of crypto investors attempting to withdraw money during a market crash. Gensler said the SEC could not do much to help investors since crypto exchanges like Coinbase (COIN) had not registered with the SEC. 

Treasury Secretary Janet Yellen last month urged speedy adoption of stablecoin rules in remarks to regulators.

Marcus said investor risks found in stablecoins depend on the commodities that back a given cryptocurrency.

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“In my view, very high quality stable coins are only backed by cash and very short term treasuries,” he says. “That’s it.”

“Then you could add a capital buffer on top of that, to basically cover unexpected operational losses, or what have you to add another layer of protection,” he says.

David Marcus, CEO of Facebook's Calibra digital wallet service, arrives for a House Financial Services Committee hearing on Facebook's proposed cryptocurrency on Capitol Hill in Washington, Wednesday, July 17, 2019. (AP Photo/Andrew Harnik)

David Marcus, CEO of Facebook’s Calibra digital wallet service, arrives for a House Financial Services Committee hearing on Facebook’s proposed cryptocurrency on Capitol Hill in Washington, Wednesday, July 17, 2019. (AP Photo/Andrew Harnik)

Facebook aims to release Novi along with Diem by the end of the year, Marcus told Axios earlier this month. Diem, which emerged from Facebook’s effort to develop a cryptocurrency that began under the name Libra in 2017, will be pegged to the U.S. dollar, Marcus said.

Libra faced backlash from regulators and lawmakers when it was announced in 2019, and ultimately lost support from corporate backers like Visa (V) and PayPal (PYPL). 

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Speaking to Yahoo Finance, Marcus said concerns over illicit payments with stablecoins offer an opportunity for regulators to improve the clarity of rules governing such transactions, even though stablecoins are currently used for everyday payments in rare circumstances.

“We’re very motivated to solving payments use case but stable coins are mainly used right now for exchanges when people are buying and selling other crypto assets,” he says.

“There are provisions around anti-money laundering, combating the financing of terrorism, sanctions enforcement — and I think the rules are pretty clear,” he says. “This actually offers an opportunity to get better at it than the current system is, which I think it will be.”

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Updating Special Ad Audiences for housing, employment, and credit advertisers

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On June 21, 2022 we announced an important settlement with the US Department of Housing and Urban Development (HUD) that will change the way we deliver housing ads to people residing in the US. Specifically, we are building into our ads system a method designed to make sure the audience that ends up seeing a housing ad more closely reflects the eligible targeted audience for that ad.

As part of this agreement, we will also be sunsetting Special Ad Audiences, a tool that lets advertisers expand their audiences for ad sets related to housing. We are choosing to sunset this for employment and credit ads as well. In 2019, in addition to eliminating certain targeting options for housing, employment and credit ads, we introduced Special Ad Audiences as an alternative to Lookalike Audiences. But the field of fairness in machine learning is a dynamic and evolving one, and Special Ad Audiences was an early way to address concerns. Now, our focus will move to new approaches to improve fairness, including the method previously announced.

What’s happening: We’re removing the ability to create Special Ad Audiences via Ads Manager beginning on August 25, 2022.

Beginning October 12th, 2022, we will pause any remaining ad sets that contain Special Ad Audiences. These ad sets may be restarted once advertisers have removed any and all Special Ad Audiences from those ad sets. We are providing a two month window between preventing new Special Ad Audiences and pausing existing Special Ad Audiences to enable advertisers the time to adjust budgets and strategies as needed.

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For more details, please visit our Newsroom post.

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Impact to Advertisers using Marketing API on September 13, 2022

For advertisers and partners using the API listed below, the blocking of new Special Ad Audience creation will present a breaking change on all versions. Beginning August 15, 2022, developers can start to implement the code changes, and will have until September 13, 2022, when the non-versioning change occurs and prior values are deprecated. Refer below to the list of impacted endpoints related to this deprecation:

For reading audience:

  • endpoint gr:get:AdAccount/customaudiences
  • field operation_status

For adset creation:

  • endpoint gr:post:AdAccount/adsets
  • field subtype

For adset editing:

  • endpoint gr:post:AdCampaign
  • field subtype

For custom audience creation:

  • endpoint gr:post:AdAccount/customaudiences
  • field subtype

For custom audience editing:

  • endpoint gr:post:CustomAudience

Please refer to the developer documentation for further details to support code implementation.

First seen at developers.facebook.com

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Introducing an Update to the Data Protection Assessment

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Over the coming year, some apps with access to certain types of user data on our platforms will be required to complete the annual Data Protection Assessment. We have made a number of improvements to this process since our launch last year, when we introduced our first iteration of the assessment.

The updated Data Protection Assessment will include a new developer experience that is enhanced through streamlined communications, direct support, and clear status updates. Today, we’re sharing what you can expect from these new updates and how you can best prepare for completing this important privacy requirement if your app is within scope.

If your app is in scope for the Data Protection Assessment, and you’re an app admin, you’ll receive an email and a message in your app’s Alert Inbox when it’s time to complete the annual assessment. You and your team of experts will then have 60 calendar days to complete the assessment. We’ve built a new platform that enhances the user experience of completing the Data Protection Assessment. These updates to the platform are based on learnings over the past year from our partnership with the developer community. When completing the assessment, you can expect:

  • Streamlined communication: All communications and required actions will be through the My Apps page. You’ll be notified of pending communications requiring your response via your Alerts Inbox, email, and notifications in the My Apps page.

    Note: Other programs may still communicate with you through the App Contact Email.

  • Available support: Ability to engage with Meta teams via the Support tool to seek clarification on the questions within the Data Protection Assessment prior to submission and help with any requests for more info, or to resolve violations.

    Note: To access this feature, you will need to add the app and app admins to your Business Manager. Please refer to those links for step-by-step guides.

  • Clear status updates: Easy to understand status and timeline indicators throughout the process in the App Dashboard, App Settings, and My Apps page.
  • Straightforward reviewer follow-ups: Streamlined experience for any follow-ups from our reviewers, all via developers.facebook.com.

We’ve included a brief video that provides a walkthrough of the experience you’ll have with the Data Protection Assessment:

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The Data Protection Assessment elevates the importance of data security and helps gain the trust of the billions of people who use our products and services around the world. That’s why we are committed to providing a seamless experience for our partners as you complete this important privacy requirement.

Here is what you can do now to prepare for the assessment:

  1. Make sure you are reachable: Update your developer or business account contact email and notification settings.
  2. Review the questions in the Data Protection Assessment and engage with your teams on how best to answer these questions. You may have to enlist the help of your legal and information security points of contact to answer some parts of the assessment.
  3. Review Meta Platform Terms and our Developer Policies.

We know that when people choose to share their data, we’re able to work with the developer community to safely deliver rich and relevant experiences that create value for people and businesses. It’s a privilege we share when people grant us access to their data, and it’s imperative that we protect that data in order to maintain and build upon their trust. This is why the Data Protection Assessment focuses on data use, data sharing and data security.

Data privacy is challenging and complex, and we’re dedicated to continuously improving the processes to safeguard user privacy on our platform. Thank you for partnering with us as we continue to build a safer, more sustainable platform.

First seen at developers.facebook.com

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Resources for Completing App Store Data Practice Questionnaires for Apps That Include the Facebook or Audience Network SDK

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Resources for Completing App Store Data Practice Questionnaires for Apps That Include the Facebook or Audience Network SDK

First seen at developers.facebook.com

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