Facebook’s Libra Currency Could Threaten the Global Financial System. Here’s How

This week, both the Senate Banking Committee and the House Financial Services Committee grilled Facebook’s David Marcus, head of the Libra cryptocurrency project. Lawmakers bluntly laid out a variety of doubts about the Libra proposal, including whether the system could prevent money laundering, and whether Facebook should be trusted to collect transaction data, given its […]

Facebook’s Libra Gets Slammed by Senators at Banking Committee Hearing

Under sharp criticism from senators, a Facebook executive on Tuesday defended the social network’s ambitious plan to create a digital currency and pledged to work with regulators to achieve a system that protects the privacy of users’ data. “We know we need to take the time to get this right,” David Marcus, the Facebook executive leading the […]

Facebook’s Libra ‘Isn’t Anything Yet,’ Except a Public Relations Plan Gone Awry, Says Analyst

Congress holding hearings on Facebook’s plan for a possible digital coin suggests that the high-profile debut for Libra was likely a public relations effort gone bad. That’s according to MoffettNathanson analyst Lisa Ellis, who said in an email that the “fact that these hearings are even happening is a good indication that the splashy/hyped Libra announcement last month […]

Facebook Libra Is ‘a National Security Issue,’ Mnuchin Says

Facebook faced its latest Washington crisis Monday, with Treasury Secretary Steven Mnuchin joining a parade of policy makers and politicians who’ve bashed its proposed cryptocurrency, demonstrating the hurdles the company must overcome to ever make the token a reality. Speaking from the White House, Mnuchin said he has serious concerns about the national security implications […]

Bitcoin’s Impressive 2019 Run Could Be Over After Trump Critique

Bitcoin slumped briefly below $10,000 on Monday, following another weekend sell-off that saw some digital tokens plunge by more than 20%. The largest cryptocurrency fell as much as 17% from Friday before paring its drop to 11% at $10,571 as of 11:50 a.m. in New York, according to Bloomberg composite pricing. Other highly traded coins […]

Exclusive: Visa Pours Millions into Cryptocurrency Startup Anchorage

Visa has invested millions of dollars in Anchorage, a startup that secures cryptocurrency holdings for institutional investors. The two companies are founding members of Facebook’s high-profile cryptocurrency project Libra. Visa co-led Anchorage’s new funding round, worth $40 million, alongside Blockchain Capital, a cryptocurrency-focused venture capital firm. This is the second known investment Visa has made […]

Can Blockchain Build a Better Bank? Experts Weigh In—The Ledger

Can blockchain build a better bank? That was the subject of a roundtable discussion I attended (and co-programmed) at Fortune’s inaugural Brainstorm Finance conference last month. The conversation, moderated over lunch by my colleague Jeff Roberts, was a wide-ranging one. It covered the evolution of decentralized technologies, the path forward with respect to regulation, and […]

The State of Cryptocurrency Media, According to Laura Shin

In the latest episode of “Balancing the Ledger,” the Fortune team turns the tables on Laura Shin, known in the cryptocurrency world for her own probing podcast interviews, for a critical discussion about media coverage of the crypto industry. One problem, Shin highlighted, is that cryptocurrency-focused media outlets are more prone to “pay to play” […]