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Facebook's Libra Faces Regulatory Headwinds

Credit: The Street
Published on July 12, 2019 - Duration: 00:57s

Facebook's Libra Faces Regulatory Headwinds

Facebook is Real Money's Stock of the Day.

The social media giant has come under pressure from politicians on both sides of the aisle regarding their Libra cryptocurrency.

President Trump tweeted yesterday, "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks" The president's antithetical outlook toward digital currencies echoes concerns from Federal Reserve Chairman Jerome Powell, who on Thursday told lawmakers on Capitol Hill that the Libra launch is expected to be a major topic of discussion for G7 finance ministers and central bankers when they meet next month in France.

RELATED: Facebook Falters Amid Political Pressure on Libra Digital Currency RELATED: What Trump's Bank Charter Challenge Means for Facebook's Libra In a rare point of agreement, Senate Finance Committee Chairwoman Maxine Waters has been vocal in her opposition to Libra in unison with Trump.

For in-depth coverage on how the debate over Libra is affecting shares of Facebook stock get over to RealMoney.com Fed's Powell's Two Days With Congress -- A Wrap up

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