EveryCRSReport.com – Libra: A Facebook-led Cryptocurrency Initiative October 21, 2019: “On June 18, 2019, Facebook announced that, with 28 other members, it had founded the Libra Association, which planned to launch a new cryptocurrency, called Libra. The association released a white paper that outlined the characteristics of Libra and described its goal of creating a cryptocurrency that would overcome some of the challenges faced by other cryptocurrencies and deliver the possible benefits of the technology on a large scale. President Trump and Treasury Secretary Mnuchin raised concerns about the Libra project, as did several Members of Congress during Senate Banking Committee and House Financial Services hearings, although some Members were more welcoming of efforts to advance financial innovation. The House Financial Services Committee majority has drafted legislation that would effectively block the Libra project. Internationally, the G-7 finance ministers and central bank governors agreed that Libra raises “serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented.” Subsequently and reportedly in part due to the level of official scrutiny of the project, several prominent members, such as eBay, Mastercard, PayPal, and Visa, withdrew from the Libra Association. This Insight briefly describes the potential benefits and concerns raised by Libra. For more information about cryptocurrencies and digital currencies, see CRS Report R45427, Cryptocurrency: The Economics of Money and Selected Policy Issues and CRS Testimony TE10034, Examining Regulatory Frameworks for Digital Currencies and Blockchain, by Rebecca M. Nelson….”