Libra Sparks Bipartisan Angst, But What Can Regulators Do?

By Jon Hill and Philip Rosenstein (July 12, 2019, 10:34 PM EDT) -- A volley of presidential tweets underscored the bipartisan opposition that planned cryptocurrency Libra faces in Washington, but as the Facebook-led project takes center stage in a pair of congressional hearings, there's no single switch that officials can flip to halt it in its tracks.

President Donald Trump took a whack at Libra in a trio of Twitter messages Thursday evening, saying he is "not a fan of" cryptocurrencies and predicting that the digital coin unveiled last month "will have little standing or dependability."

"If Facebook and other companies want to become a bank, they must seek a new banking charter and become subject to all banking...

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