Things are heating up for Libra: This week’s United States congressional hearings showed that many politicians are not convinced by the safety aspects of Facebook’s cryptocurrency project, as they grilled the social media giant on privacy- and trust-related issues. In response, Facebook keeps stressing Libra’s compliance with regulators and readiness to discuss possible frameworks. Meanwhile, a drafted bill titled “Keep Big Tech out of Finance” surfaced right before the testimonies before Congress took place. So, does the U.S. government have the power to terminate Libra — which is something Rep. Maxine Waters famously requested soon after the project’s white paper …

The International Monetary Fund (IMF) has called on global regulators to pay attention and take proper regulatory action regarding Facebook’s Libra. Speaking with Reuters on July 17, Gita Gopinath, chief economist at the IMF, urged the global regulatory community to pay serious attention to Facebook’s crypto project during the early stages of its development. Gopinath emphasized that global financial regulators should act immediately to ensure that they are not too late in taking the necessary measures. Gopinath outlined the major risks associated with the stablecoin, including concerns about data privacy, consumer protection, as well as what she called backdoor dollarization. …

David Marcus, CEO of Facebook’s crypto wallet Calibra, underlined that Facebook would not launch the Libra cryptocurrency project before they address all regulatory concerns. Marcus delivered his comments at a hearing on Libra with the Financial Services Committee of the United States House of Representatives today, July 17, as reported by a Cointelegraph correspondent. On the second day of hearings on Libra’s structure and management, Rep. Nydia Velazquez asked Marcus, “Will you commit yourself to not launch before all the concerns from the Federal Reserve and other regulators are addressed?” In response, Marcus said, “Absolutely.” Rep. David Scott followed up …

Today, lawmakers on the United States House of Representatives Financial Services Committee are meeting to discuss the possible effects of Facebook’s proposed Libra cryptocurrency project on the financial system. As a Cointelegraph respondent reports on July 17, committee chair Rep. Maxine Waters has opened the hearing with an indictment of Facebook’s past behavior. In her statement, Waters said that there was a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.” Waters also stated that Facebook, “allowed malicious Russian state actors to purchase and target ads,” which purportedly influenced the 2016 U.S. presidential elections. …

The United States’ Senate Banking Committee raised a wave of skepticism over Facebook’s crypto project Libra during the first day of testimony on July 16. The new hearing, called “Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System” is scheduled for 10:00 AM ET, July 17. As day two is coming in the next few hours, Cointelegraph posts a short recap of yesterday's hearings. The first day saw Senate Banking Committee attacked David Marcus, head of Facebook’s crypto wallet Calibra, raising major concerns over Libra, including issues of trust, privacy, security and regulation. The …

Chief strategy officer at blockchain development firm Blockstream, Samson Mow, declared that he believes that Facebook should have used Bitcoin (BTC) instead of developing its own stablecoin in a series of tweets published on July 16. ‘Libra can’t be everything for everyone’ In his tweets, Mow noted that — after watching the entirety of today’s senate banking committee hearings dedicated to Libra — he came to the conclusion that “Libra is so screwed.” He explained that he had the impression that Mark Zuckerberg had no clear idea of what he is building. Mow added: “Libra can't be everything for everyone, …

Libra is a “recipe for more corporate power over markets and over consumers,” according to United States Senator Sherrod Brown, ranking member of the Senate Banking Committee. Senator Brown’s recent comments came by way of an official video tweet by political news outlet NowThis News on July 16, posted hours after the Senate Banking Committee hearing on Facebook’s Libra. Brown appeared especially concerned about Facebook gaining the ability to force people to use their money and play by their rules. He remarked: "What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could …

Since July 10, the price of Bitcoin (BTC) has fallen from $13,200 to $9,684, with major cryptocurrency exchanges, including Coinbase, recording a 26.6% drop within a period of seven days. The recent pullback of Bitcoin is widely believed to be a technical factor that was pushed by sellers who took control of the market once the dominant crypto asset went below key support levels at $11,000 and $10,700. BTC price visualization from Coin360 Alex Krüger, a global markets analyst, hinted that the criticism of Bitcoin by United States President Donald Trump and Treasury Secretary Steve Mnuchin could have contributed to …

United States house minority leader Kevin McCarthy praised Bitcoin (BTC) while criticizing Facebook’s Libra stablecoin. McCarthy made his comments during an interview with CNBC on July 16. During the interview, McCarthy said: “I like Bitcoin. Is it where it needs to be? No, but the real thing I like when it comes to Bitcoin is blockchain, ‘cause I like the security. I want government to actually start using blockchain.” He also explained that his concern over technology companies joining finance is anticompetitiveness. McCarthy believes that companies entering the space are looking to create a centralized system while tricking consumers into …

United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies. The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16. Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight Council for banks. Crapo said: “We've got to look at …

David Marcus, head of Facebook’s crypto wallet Calibra, stressed Facebook’s intent to be compliant with the United States Financial Crimes Enforcement Network (FinCEN) in distributing the Libra stablecoin. As a Cointelegraph correspondent reports on July 16, Marcus delivered his comments at the ongoing hearing on Facebook’s Libra with the Banking Committee of the U.S. Senate. Addressing the issues of money laundering and terrorism financing, Senator Cortez Masto asked Marcus how Facebook is going to ensure that the platform is not being used for such purposes. Marcus responded that “this is something that I care about deeply, personally.” Marcus added that …

At the ongoing hearing on Facebook’s Libra cryptocurrency project with the Banking Committee of the United States Senate, lawmakers are interrogating Facebook on privacy and trust concerns. As a Cointelegraph correspondent reports on July 16, David Marcus, head of Facebook’s crypto wallet Calibra, is stressing the project’s trust and regulatory compliance, while some senators are not convinced. Senator Jon Tester asked about Libra's ability to make assurances against fraudulent purchases or loss of funds, along the line of credit cards or the Federal Deposit Insurance Corporation. Marcus responded that “we will do our best to resolve those types of issues …