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Photo: Chesnot/Getty Images

Given Facebook's multitude of missteps and scandals over the past two years, it's no surprise that legislators are skeptical of the company's plans to launch a new cryptocurrency called Libra.

Why it matters: Facebook faces a host of legal and regulatory issues around the globe amid concerns over privacy, data sharing and money laundering.

  • For his part, David Marcus, the Facebook executive leading its Libra efforts, acknowledged "serious legitimate concerns" and committed to "do what it takes to address these concerns," according to The Hill.
  • "And if those concerns are not addressed, and if the regulatory oversight is not appropriate, then we will not launch until it is," Marcus said.

Details: Members of the Senate Banking Committee piled on their concerns, expressed particularly strongly by Sen. Sherrod Brown:

“They moved fast and broke our political discourse. They moved fast and broke journalism. They moved fast and helped incite a genocide. They moved fast and they’re helping to undermine our democracy. Now Facebook asks people to trust them with their hard-earned paychecks."
— Sen. Sherrod Brown
  • For a company to have Facebook's track record and look to become its own currency issuer, Brown said, "takes a breathtaking amount of arrogance."

Meanwhile, CNBC reports that the Swiss regulator Marcus said will oversee Libra has yet to hear from the currency's backers.

Go deeper: Facebook spoils the cryptocurrency party

Go deeper

Pelosi calls raising the debt ceiling a bipartisan responsibility

Photo: Samuel Corum/Bloomberg via Getty Images

House Speaker Nancy Pelosi (D-Calif.) issued a "dear colleague" statement Sunday evening, calling on Congress to act in a bipartisan manner to raise the nation's debt ceiling.

Why it matters: Congress is fast approaching an October deadline to raise the nation's debt ceiling and avoid a government shutdown. But the issue has become a thorny partisan stand-off.

3 hours ago - Politics & Policy

Beto not even best Dem against Abbott

Beto O'Rourke speaks at a rally at the Texas State Capitol in June. Photo: Sergio Flores/Getty Images

Actor Matthew McConaughey’s nine-point lead in a theoretical matchup against Greg Abbott shows just how vulnerable the hard-right Texas governor could be in a general election.

Why it matters: Abbott has won conservative accolades for his abortion, mask and vaccine bans. Axios reported Sunday that former Rep. Beto O’Rourke is preparing to announce a gubernatorial challenge — but a recent poll shows he’s not even the most popular Democrat in the state.

3 hours ago - Politics & Policy

Delayed maps upend midterm campaigns

Illustration: Shoshana Gordon/Axios

Midterm candidates are panicking about how the congressional maps will ultimately be drawn, with several strategists telling Axios campaigns are in limbo.

Why it matters: Candidates are unsure if the district they're targeting will remain intact or be reshaped by the process. The uncertainty is especially vexing to Democrats, who are vying to maintain their narrow margin in the House.

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