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Facebook incurs wrath from both parties at Libra currency hearing
Bipartisan group asks why Americans should trust Facebook with their paychecks given its repeated data privacy scandals

David Marcus, head of Facebook's Calibra digital wallet service, prepares to testify during the Senate Banking, Housing and Urban Affairs Committee hearing on "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations" on Tuesday, July 16, 2019. (Bill Clark/CQ Roll Call)

Senators from both parties questioned at a hearing Tuesday why Americans should trust Facebook’s new digital currency system with their paychecks given the social media giant’s repeated data privacy scandals.

Libra, a cryptocurrency under construction by a Facebook subsidiary called Calibra, was announced in May to a blast of bipartisan incredulity by lawmakers and the Trump administration. Critics asked how the company could ensure that Libra, which is designed to be anonymous, could be prevented from being used by money launderers, traffickers or terrorists.

States, eyeing money in abandoned bitcoin, rewrite laws
Escheatment laws date back to feudal England. Now they’re getting a cryptocurrency makeover

New York is among the latest to consider legislation calling for unclaimed cryptocurrency to be transferred to the state after the digital assets have been abandoned. (Dan Kitwood/Getty Images)

Cryptocurrency is bumping up against centuries-old legal doctrines on abandoned property, presenting new concerns about who actually holds these digital assets and how states are able to claim them.

States are seeking to apply escheatment laws — which date back to feudal England — to present-day cryptocurrencies such as bitcoin, ethereum, bitFlyer and zcash. That’s even as the technological issues remain unresolved.

Fintech industry leaders tackle the great decentralization debate
Fintech Beat podcast, Episode 10

Disagreements over common terms and jargon are dominating the world of fintech. (Lidiia Moor/iStock)

A core challenge when it comes to fintech is the so-called blurred lines — when the definition of a word invokes different answers. The biggest blurring of all happens with the concept of decentralization — what it means, what it looks like, and why regulators care.

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.

Hearings on Facebook’s Libra could dim cryptocurrencies’ sheen
Lawmakers have already made up their minds about fintech, some in the industry fear

Two congressional committees are preparing for hearings on Facebook’s new cryptocurrency, Libra.(Tom Williams/CQ Roll Call file photo)

The financial technology industry is anticipating a windfall of attention and possible scrutiny following upcoming House and Senate hearings on Libra, the new cryptocurrency announced by Facebook last month.

Advocates for the growth of blockchain technology and digital currencies say Facebook’s entry into fintech is an exciting development for an industry that still exists in relative obscurity because of public misconceptions about the technology and lack of clear regulations governing their use.

How Facebook's new cryptocurrency could reshape the global economy
Fintech Beat podcast, Episode 9

Facebook's announcement that they are launching a new cryptocurrency has created a stir in the world of financial technology . (Jack Taylor/Getty Images file photo)

Could the cryptocurrency winter be over?
Fintech Beat podcast, Episode 8

(ThaiMyNguyen/iStock)

Bitcoin had a wild week with its value hitting over $11,000. This begs the question: Is the crypto winter finally thawing out?

Host Chris Brummer sits down to explore with Sunayna Tuteja, head of strategic partnerships and emerging technologies at TD Ameritrade and Matthew Trudeau, chief strategy officer at ErisX, to discuss what a crypto spring means.

Bitcoin mining energy costs raise concern, prompt little action
Influx of bitcoin miners to areas with access to cheap and plentiful energy has caused a backlash

More than 18 U.S. homes could be powered for one day by the electricity consumed for a single bitcoin transaction, a recent estimate found. (Dan Kitwood/Getty Images file photo)

Bitcoin is under a cloud, one that Congress and others are beginning to acknowledge: the vast amount of energy required to obtain and maintain the virtual currency.

A university study released last week found the emissions produced by the worldwide network of computers that “mine” bitcoin sits “between the levels produced by the nations of Jordan and Sri Lanka, which is comparable to the level of Kansas City.”

A conversation with the European fintech regulator — Steven Maijoor
Fintech Beat podcast, Episode 7

(Lidiia Moor/iStock)

The Facebook coin: What it means for fintech and society
Fintech Beat podcast, Episode 6

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Welcome to Fintech Beat, the intersection of finance, technology, policy and regulation. Facebook is poised to enter and potentially reshape the cryptocurrency landscape. Host Chris Brummer, fintech regulation expert, and guests mull over what this means for fintech and society.

The financial technology trade wars
Fintech Beat podcast, Episode 5

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Exploring the wild, wild west of cryptocurrency exchanges
Fintech Beat podcast, Episode 4

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What's in your crypto wallet? And how to keep it safe
Fintech Beat podcast, Episode 3

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A conversation with the CFTC regulator — Christopher Giancarlo
Fintech Beat podcast, Episode 2

Chris Giancarlo. (Photo courtesy Commodity Futures Trading Commission)

Financial policy and regulation is changing. We’re going to make sense of it for you.
Fintech Beat podcast, Episode 1

Chris Brummer, professor and faculty director of the Institute of International Economic Law at Georgetown Law, is the host of Fintech Beat — from CQ Roll Call's studios in the heart of Washington. (Jinitzail Hernández/CQ Roll Call)