Benoit Coeure, the European Central Bank's (ECB) Executive Board Member warned that financial regulators across the globe need to prepare for an income wave of tech giants entering the financial services industry. Coeure warned that failure to act will allow these companies to self-regulate, which is both dangerous, not least for the precedent it would create. Coeure admitted that the cryptocurrency industry had exposed vulnerabilities in existing regulation, such as with tax. Following Facebook's announcement of Project Libra, policymakers from the UK, Europe, the US, and other countries have begun working together to react to this new reality. David Marcus, the leading executive behind Libra has been called to testify before Congress later in July.