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Facebook's Libra Project Is Getting Hammered From All Sides, With Fed Chair Raising 'Serious Concerns'

Facebook's Libra Project Is Getting Hammered From All Sides, With Fed Chair Raising 'Serious Concerns'

Facebook’s already-troubled Libra cryptocurrency project, which has already run into significant opposition among the U.S. House Committee on Financial Services and the Senate Banking Committee, is running headlong into further resistance from regulators.

On Thursday July 11, 2019, Tom Mckay at Gizmodo wrote:
Facebooks already-troubled Libra cryptocurrency project, which has already run into significant opposition among the U.S. House Committee on Financial Services and the Senate Banking Committee, is running headlong into further resistance from regulators.

He added that The process of addressing these concerns should be a patient and careful one, not a sprint, and that the Fed was working with other agencies and foreign central banks to understand Libras possible impact.

In response to a request for comment from Facebook, Wired wrote, the company directed them to a letter penned by Calibra chief David Marcus to skeptical senators, as well as said it agreed with Powells call for a patient and careful approach to launching the Libra project.

About the Author:

We come from the future. Tom Mckay has recently written 5 articles on similar topics including banking, facebook:
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  • "The U.S. Senate Banking Committee is set to scrutinize Facebook’s cryptocurrency ambitions at a hearing set for July 16, Reuters reported on Wednesday, in yet another sign that legislators are extremely wary (to put it mildly) of the company’s shift into global financial services". (June 20, 2019)
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