July 11, 2019
Over the past two days, Federal Reserve chair Jerome Powell has told members of both chambers of Congress that he has “many serious concerns” about Facebook’s Libra cryptocurrency. Those include issues related to privacy and money laundering, as well as the platform’s potential to destabilize monetary policy around the world, should it catch on with Facebook’s 2 billion users. It appears the president of the United States was tuning in.
President Trump Is the Latest Critic of Facebooks Libra
Late Thursday, President Donald Trump unleashed a three-tweet squall declaring himself “not a fan of Bitcoin and other Cryptocurrencies,” and referring to the use of “unregu­lated digital assets” for “drug trade and other illegal activities.” He included Libra in that category, saying the platform "will have little standing or dependability" and would fall prey to similar dependability issues. He suggested Facebook would need to acquire a banking charter to proceed with its efforts. Trump concluded with a patriotic message about the global primacy of the US dollar, suggesting he’s not comfortable with Libra or other cryptocurrencies becoming rivals.
The tweets come as Facebook undergoes scrutiny for its plans from regulators in the US and abroad. Regulators—especially those at central banks like the Fed—are concerned that Libra will operate in a void outside existing frameworks for global monetary policy. They’re grappling with what regulations would hold a private financial network, overseeing its own money supply, appropriately in check. David Marcus, the Facebook executive who will lead the company’s new financial services division, called Calibra, is scheduled to appear in back-to-back hearings in the House and Senate next week.
Facebook has distanced itself from the notion that it will itself oversee any form of monetary policy for Libra or act like a bank. While the company has spearheaded the development of the blockchain platform, it intends to cede control to an association, planned to include at least 100 other organizations by launch, which will be based in Geneva, Switzerland. That association will assume the platform’s management as well as funds used to back the Libra cryptocurrency. It would also theoretically hold responsibility for policing transactions on the platform. In a Facebook post last week, Marcus responded to concerns about illegal activities on the Libra platform, noting that it would be carefully monitored and adhere to Know-Your-Customer anti-money-laundering laws.
Separately, Facebook is developing an in-house application, also called Calibra, that will allow its own users to send payments via WhatsApp, Instagram, or a stand-alone app. Facebook says those transactions won’t touch the blockchain platform, unless a user sends Libra to a third-party app, and will instead be handled within Calibra. That suggests an experience more like Venmo than bitcoin, with more typical protocols for combating fraud and illegal behaviors.
Among those displeased with Trump’s anti-cryptocurrency tweets were right-wing provocateur Mike Cernovich and the social media company Gab, a popular home for alt-right personalities. Gab turned to cryptocurrency to keep itself afloat after being shut out by traditional payments companies.
Related Stories
Latest News
Top news around the world
Coronavirus Disease

Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

Most people infected with the COVID-19 virus will experience mild to moderate respiratory illness and recover without requiring special treatment. Older people, and those with underlying medical problems like cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more likely to develop serious illness.

Around the World

Celebrity News

> Latest News in Media

Watch It
Tristan Thompson Allegedly Expecting Baby No. 3 | E! News
December 03, 2021
ZMkBs-gVUj8
Adele Talks Having Instagram Password Revoked After THAT Picture | E! News
December 03, 2021
X1v15wy3iTE
Zendaya & Tom Holland Adorably Address Their Height Difference | E! News
December 03, 2021
UYeRBbymVAM
Adele on why she doesn’t watch ‘Housewives’ | Page Six
December 03, 2021
FACDy_rLto0
Tristan Thompson has another baby mama!? | Page Six
December 03, 2021
GQr2HHPoGSs
Heather's brings the drama on 'RHOC' & more on Virtual Reali-tea | Page Six Celebrity News
December 03, 2021
8d1EEHFlqd4
Bizzy Bone Says 'Verzuz' Fight With Three 6 Mafia Just Part of Hip-Hop | TMZ
December 03, 2021
j97X1puttcI
Tristan Thompson Allegedly Expecting Third Child, Sued for Child Support
December 03, 2021
cx9e_9M243k
John Legend Shares Gelato Order with TMZ Tour | TMZ TV
December 03, 2021
hysUm-ynVqA
Jack Harlow on How Reading Harry Potter Made Him the Competitive Rapper He Is Today
December 04, 2021
ju2mg5V3844
Chloe Bailey Delivers Touching Tribute to Friend Lil Nas X At Variety Hitmakers
December 04, 2021
lyutDnTd1oQ
Avril Lavigne Presents Olivia Rodrigo With Songwriter of the Year Award: ‘Her Songs Are Her Truth’
December 04, 2021
2yEAVymJVjw
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
19
Nov
ASIAN CHAMPIONS LEAGUE: Group H
Sydney FC - Shanghai SIPG
17
Nov
UEFA NATIONS LEAGUE A: Group Stage
Spain - Germany
14
Nov
UEFA NATIONS LEAGUE A: Group Stage
Germany - Ukraine
08
Nov
ENGLAND: Premier League
Manchester City - Liverpool
08
Nov
ENGLAND: Premier League
Arsenal - Aston Villa
08
Nov
SPAIN: La Liga
Valencia - Real Madrid
08
Nov
ITALY: Serie A
AC Milan - Verona
08
Nov
ENGLAND: Premier League
West Bromwich Albion - Tottenham Hotspur
08
Nov
ITALY: Serie A
Bologna - Napoli
08
Nov
ITALY: Serie A
Genoa - Roma
08
Nov
ITALY: Serie A
Atalanta - Inter Milan
08
Nov
ITALY: Serie A
Lazio - Juventus
08
Nov
GERMANY: Bundesliga
Bayer Leverkusen - Borussia Monchengladbach
08
Nov
ENGLAND: Premier League
Leicester City - Wolves
08
Nov
GERMANY: Bundesliga
Wolfsburg - Hoffenheim
08
Nov
SPAIN: La Liga
Real Valladolid - Athletic Bilbao
08
Nov
SPAIN: La Liga
Levante - Alaves
08
Nov
SPAIN: La Liga
Real Sociedad - Granada CF
08
Nov
ITALY: Serie A
Torino - Crotone
08
Nov
SPAIN: La Liga
Getafe - Villarreal
07
Nov
GERMANY: Bundesliga
Borussia Dortmund - Bayern Munich
07
Nov
ENGLAND: Premier League
Everton - Manchester United
07
Nov
ENGLAND: Premier League
Chelsea - Sheffield United
07
Nov
SPAIN: La Liga
Atletico Madrid - Cadiz
07
Nov
SPAIN: La Liga
Barcelona - Real Betis
07
Nov
GERMANY: Bundesliga
Augsburg - Hertha Berlin
07
Nov
GERMANY: Bundesliga
Stuttgart - Eintracht Frankfurt
07
Nov
GERMANY: Bundesliga
RB Leipzig - SC Freiburg
07
Nov
ENGLAND: Championship
Rotherham - Preston NE
07
Nov
ITALY: Serie A
Parma - Fiorentina
07
Nov
ENGLAND: Championship
Watford - Coventry
07
Nov
ENGLAND: Championship
Norwich City - Swansea City
07
Nov
ENGLAND: Championship
Blackburn - QPR
07
Nov
ENGLAND: Championship
Derby County - Barnsley
07
Nov
ENGLAND: Championship
Huddersfield - Luton
07
Nov
ENGLAND: Championship
Nottingham Forest - Wycombe Wanderers
07
Nov
ENGLAND: Premier League
West Ham United - Fulham
07
Nov
ENGLAND: Championship
Sheffield Wednesday - Millwall
07
Nov
ENGLAND: Championship
Brentford - Middlesbrough
07
Nov
ENGLAND: Championship
Birmingham - Bournemouth
07
Nov
SPAIN: La Liga
Sevilla - Osasuna
07
Nov
ITALY: Serie A
Benevento - Spezia
07
Nov
ENGLAND: Premier League
Crystal Palace - Leeds
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Ferencvaros - Juventus
04
Nov
CHAMPIONS LEAGUE: Group stage, Group G
Barcelona - Dynamo K.
03
Nov
CHAMPIONS LEAGUE: Group stage, Group A
Salzburg - Bayern Munich
03
Nov
CHAMPIONS LEAGUE: Group stage, Group D
Atalanta - Liverpool
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.