News Topic: Libra

Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it. ... Read full article

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.” ... Read full article

The company will work on Libra, but won’t issue digital currency without proper authority; the bank’s profit dropped 8% on reduced revenue. ... Read full article

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation. ... Read full article

Low rates spur more retail lending at big U.S. banks as trading revenue drops; the company’s plan to create its own digital currency runs into more opposition. ... Read full article

Resistance to Libra on the Senate Banking Committee was bipartisan, and other takeaways from Tuesday’s hearing. ... Read full article

The U.S. lacks mechanisms authorized in other countries to flag nonbank risks, Eric Rosengren says. ... Read full article

The Treasury secretary said the U.S. government has significant concerns about digital currencies, including their potential as tools for money launderers. ... Read full article

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.” ... Read full article

Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset. ... Read full article

Investors eye how low rates, flat yield curve will affect bank profits; agency is determining if it has oversight power over Facebook’s planned cryptocurrency. ... Read full article

Almost two years after the Equifax breach led to a congressional uproar but minimal policy change, the protracted fight to enact data security and privacy reform has a new bogeyman. ... Read full article

As Congress and the SEC were taking steps to regulate alternative currencies, they required a deep knowledge of the cryptocurrency market and technologies. For those who put off their crypto education, Facebook's Libra is a wake-up call. ... Read full article

For the second straight day, concerns about Facebook's cryptocurrency project dominated lawmakers’ questioning of Federal Reserve Chairman Jerome Powell. ... Read full article

The Justice Department is investigating the bank for possible money laundering violations; the Fed chair says Facebook’s plan raises “serious concerns.” ... Read full article

The Federal Reserve chairman said the social media giant’s cryptocurrency plan “cannot go forward” without improved regulatory controls. ... Read full article

Readers respond to how Congress should address AI, concerns on Facebook's Libra and its logo, a report challenging card fraud prevention and more. ... Read full article