Bitcoin slides after Fed chair says Facebook’s strongcryptocurrencystrong raises ‘serious concerns’

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Summary

Two congressional committees — one in the House and one in the Senate — plan to hold hearings next week to examine Facebook’s Libra. How Washington’s souring mood will apply to Facebook’s cryptocurrency ambitions may reveal itself soon. Washington’s fresh concerns over Facebook’s push into financial services comes as lawmakers and consumer watchdogs are ratcheting up their criticism of Silicon Valley. The chairwoman of the House Financial Services Committee, Rep. Maxine Waters (D-Calif.), called on Facebook to halt development of its cryptocurrency project until various policy concerns could be addressed.

Article Preview By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow July 11 at 9:44 AM

The price of bitcoin fell by more than 10 percent after the chair of the Federal Reserve told Congress that Facebook’s planned cryptocurrency raises “many serious concerns.”

Bitcoin, the world’s top cryptocurrency by market capitalization, sank following Chair Jerome H. Powell’s remarks, but the digital currency has surged this year, in part because of Facebook’s announcement of...

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