Facebook

Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it.

The company will work on Libra, but won’t issue digital currency without proper authority; the bank’s profit dropped 8% on reduced revenue.

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation.

Low rates spur more retail lending at big U.S. banks as trading revenue drops; the company’s plan to create its own digital currency runs into more opposition.

Resistance to Libra on the Senate Banking Committee was bipartisan, and other takeaways from Tuesday’s hearing.

NAFCU and CUNA expressed concerns about the social media giant's proposed cryptocurrency, including reiterating calls for Congress to act on data security.

The Treasury Secretary says Facebook’s cryptocurrency plan creates national security issues; the New York Fed chief tells financial firms to stop dragging their feet and move on from Libor.

Facebook's announcement makes it more important than ever to clarify what a digital security and cryptocurrency are, and what they are not, according to Juan Hernandez, CEO of Openfinance and Carlos Domingo, CEO and co-founder of Securitize.

The Treasury secretary said the U.S. government has significant concerns about digital currencies, including their potential as tools for money launderers.

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.”