Fed Chair Says 'Serious Questions' About Libra Need Answers

Law360 (July 10, 2019, 3:55 PM EDT) -- The Federal Reserve chairman told House lawmakers on Wednesday that he doesn't see how Facebook's Libra cryptocurrency project can move forward until there is "broad satisfaction" with the way the social media giant has addressed concerns about the project's law enforcement, data privacy and other policy implications.

Appearing at a House Financial Services Committee hearing, Fed Chairman Jerome Powell stopped short of saying he supports calls from Democratic lawmakers and public interest groups for a moratorium on Libra, but he said the project raises "deep, important, serious questions" about money laundering, privacy, consumer protection and financial stability that the Fed and...

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