# Professor David Yermack explains why regulation will be a hurdle for Facebook's efforts to establish its own currency

1 Faculty News May 23, 2019 ![Financial Times logo](/sites/default/files/styles/246w/public/assets/images/uat_025700.jpg?itok=LSPbU2V1)>

Excerpt from the [Financial Times](https://www.ft.com/content/0207778c-7d62-11e9-81d2-f785092ab560) -- "'There is a huge opening for social media companies to move in and take a big part of the banking business,' said [David Yermack](https://www.stern.nyu.edu/faculty/bio/david-yermack), professor of finance and business transformation at the New York University Stern School of Business."

[Read more](https://www.ft.com/content/0207778c-7d62-11e9-81d2-f785092ab560)