Fed Chair Raises ‘Serious Concerns’ About Facebook’s Cryptocurrency Project | NYT

Tbd when Facebook will try the "It's us or CHINA world domination!" move in this context (e.g., see The Technology 202: Facebook leaders say antitrust focus obscures the real tech threat: China | Washington Post); on a related note, see Bitcoin falls sharply as Fed’s Powell flags ‘serious concerns’ about Facebook’s cryptocurrency | CNBC

"On Wednesday, the chair of the Federal Reserve, Jerome Powell, said 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, Mr. Powell said as he testified before the House Financial Services Committee.

Mr. Powell is the latest central banker to express skepticism about Libra, which Facebook  announced last month. Central bankers from Britain, France, the European Central Bank, Singapore and China have all voiced concerns. Separately, just over a week ago, five top Democrats on the Financial Services Committee wrote a letter to the social network calling on it to “immediately cease implementation plans” for Libra until lawmaker questions were answered."

Fed Chair Raises ‘Serious Concerns’ About Facebook’s Cryptocurrency Project | NYT