Fed chair raises 'serious concerns' about FB's cryptocurrency project

Facebook is facing a growing chorus of doubts about its new Libra cryptocurrency project from authorities around the world, ahead of two congressional hearings on the initiative next week.
 
On Wednesday, the chair of the Federal Reserve, Jerome Powell, said Libra raised a host of “serious concerns” around “money laundering, consumer protection and financial stability.”
 
“I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering” and other issues, Mr. Powell said as he testified before the House Financial Services Committee.
 
Mr. Powell is the latest central