cryptocurrency

Facebook cryptocurrency stirs worry and support in both parties
Top Democrat urges Fed and regulators to protect consumers and economy from Facebook’s ‘monopoly money’

Federal Reserve Chairman Jerome Powell, right, was peppered with questions about how the Fed would deal with Libra, Facebook’s new cryptocurrency. (Caroline Brehman/CQ Roll Call)

Facebook Inc. got a preview Wednesday of what to expect next week when executives come to testify about plans to launch Libra, a digital currency and online payment system.

At a hearing Wednesday morning, Democrats and Republicans on the House Financial Services Committee peppered Federal Reserve Chairman Jerome Powell with questions about how the central bank would respond to Libra.