- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
PayPal leaving Facebook’s Libra project is just a bump in the road in the drive toward developing a global digital currency payments network, a Libra Association spokesperson says.
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Visa, Mastercard, and a handful of other companies have followed in the footsteps of PayPal, abandoning the Facebook-led Libra Association amid harsh regulatory criticism surrounding the planned cryptocurrency offering.
Facebook CEO Mark Zuckerberg will testify before the House Financial Services Committee on Oct. 23 regarding his company’s planned venture into the cryptocurrency space.
At the first get-together of all five SEC commissioners at a Congressional hearing since 2007, House Financial Services Committee Chair Maxine Waters said the regulator “is not fulfilling its mission as Wall Street’s cop.”
Data governance has become a key concern for companies, especially when the EU AI Act and General Data Protection Regulation have put a premium on handling data responsibly and ensuring that artificial intelligence does not cause harm.
The era of artificial intelligence adoption is testing the old ways of doing compliance, underscoring the need for continuous monitoring. Compliance isn’t a one-and-done activity, but sometimes organizational incentives and goals fail to prioritize the importance of this.
While companies are exploring and building artificial intelligence technology, lawmakers and regulators are trying to identify what ground rules they need to set. These guardrails are what companies and governments alike believe are essential parts of ensuring safe and responsible use of the technology.
