Libra

Finance ministers call for tight regulation of cybercurrencies; Williams says the Fed must “act quickly to lower rates at the first sign of economic distress.”

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 U.S. lacks mechanisms authorized in other countries to flag nonbank risks, Eric Rosengren says.

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.”

Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset.