Facebook Libra/Crypto

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  • Facebook had to rebrand its crypto project amid a series of setbacks, including major financial backers dropping out over regulatory concerns. The crypto project also has faced bipartisan criticism from US regulators and lawmakers.[1]
  • President Trump argued Libra would have little standing or dependability and said Facebook should be subject to banking regulations.[2]
  • Jerome Powell, the head of the Federal Reserve, said he was concerned Facebook’s cryptocurrency would lead to money laundering and face issues with consumer protection and financial stability.
  • In September 2021, Biden Treasury department officials warned that Facebook’s cryptocurrency venture could undermine the stability of the financial system and threaten the broader economy if the value crashed.[3]