Dec 27, 2019

Swiss president says Facebook's Libra has "failed" in its current form

Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee in October about Libra. Photo: Chip Somodevilla/Getty Images

Outgoing Swiss President Ueli Maurer, who is also the country's finance minister, said Friday that Facebook's cryptocurrency Libra has "failed" in its current form "because central banks will not accept the basket of currencies underpinning it," CNBC reports.

Why it matters: The project is seeking regulatory backing in the country, as it will be issued and governed by the Geneva-based Libra Association.

Go deeper: Central banks could be left behind on digital currencies

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Facebook's rising Democrat problem

Illustration: Sarah Grillo/Axios

One of Facebook's biggest headaches leading up to 2020 isn't election interference or fake news — it's worrying about what a Democrat in the White House could mean for the business.

Why it matters: The Obama administration's warm embrace of Big Tech is no longer shared by many Democratic policymakers and presidential hopefuls. Many of them hold Facebook responsible for President Trump's 2016 victory, assail it for allowing misinformation to spread, and have vowed to regulate it or break it up.

Go deeperArrowJan 23, 2020

Banks may struggle to recreate 2019 success

Reproduced from Bloomberg; Chart: Axios Visuals

Wall Street analysts are betting the banks can't do it three years in a row.

What they're saying: Analysis from Yardeni Research shows the average expectation is for a 0.4% decline in S&P 500 diversified banks’ 2020 revenue and only a 3.8% increase in earnings.

Go deeperArrowJan 17, 2020

NYC Bar Association urges Congress to investigate AG Bill Barr for partisanship

Bill Barr. Photo: Bill Pugliano/Getty Images

The New York City Bar Association sent a letter on Thursday urging Congress to investigate Attorney General Bill Barr for a "pattern of conduct" that it alleges "threatens public confidence in the fair and impartial administration of justice.”

Why it matters: It's a rare rebuke of a sitting attorney general by a bar association or comparable group. The New York City Bar Association is a voluntary legal association not involved in the licensing of attorneys.

Go deeperArrowJan 9, 2020