Fed chairman raises concerns about Facebook’s cryptocurrency

   2019-07-10 22:07

Facebook is facing a growing chorus of doubts about its new Libra cryptocurrency project from authorities around the world, before two congressional hearings on the initiative next week.

On Wednesday, Federal Reserve Chairman Jerome Powell said that Libra raised a host of “serious concerns” around “money laundering, consumer protection and financial stability.”



“I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering” and other issues, Powell said as he testified before the House Financial Services Committee.

Powell is the latest central banker to express skepticism about Libra, which Facebook announced last month. Central bankers from Britain, France, the European Union, Singapore and China have all voiced concerns. Separately, more than a week ago, five top Democrats on the Financial Services Committee wrote a letter to the Menlo Park company, calling on it to “immediately cease implementation plans” for Libra until lawmakers’ questions were answered.

The scrutiny is set to intensify when the Senate Banking Committee holds a hearing on Libra on Tuesday. The House Financial Services Committee is scheduled to hold a separate hearing about the project a day later.

The blowback to Libra is the latest challenge for Facebook, which has been under fire for not guarding its users’ data privacy and for spreading disinformation and misinformation globally. Those issues have hurt the company’s once stellar reputation and raised questions about whether it can properly exercise its power. Since then, Sen. Elizabeth Warren, D-Mass., who is running for president, has called for Facebook and other tech companies to be broken up, and the Federal Trade Commission has agreed to handle potential antitrust investigations into the social…


Original Source


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin10,026 0.46 % 2.46 % 8.10 %
Ethereum211.96 0.52 % 1.71 % 7.91 %
XRP0.3102 0.06 % 2.96 % 0.15 %
Litecoin90.54 0.34 % 3.08 % 0.39 %
Bitcoin Cash298.64 0.11 % 3.38 % 5.45 %
Binance Coin29.35 0.21 % 3.61 % 3.46 %
EOS4.150 1.33 % 2.29 % 4.02 %
Tether1.000 0.08 % 0.03 % 0.11 %
Bitcoin SV170.81 1.66 % 2.49 % 31.84 %
Cardano0.05632 1.08 % 5.56 % 3.96 %
Stellar0.08527 0.35 % 2.86 % 0.03 %
TRON0.02373 4.11 % 16.85 % 6.37 %
Monero81.11 0.65 % 1.26 % 10.28 %
LEO Token1.280 0.55 % 1.40 % 11.78 %
Huobi Token4.620 0.33 % 4.63 % 12.07 %
Dash110.14 0.50 % 3.36 % 9.46 %
Cosmos3.770 0.55 % 5.00 % 10.20 %
Tezos1.040 1.58 % 6.19 % 7.47 %
ChainLink2.300 0.20 % 5.30 % 15.58 %
IOTA0.2997 1.95 % 0.32 % 3.52 %