Opinion: The Relationship Model Is Killing Venture CapitalRead Now

Mike Sullivan

Lawmakers Grapple With How to Rein In Libra

Photo: Mike Sullivan

Greetings from Washington, D.C. The price of bitcoin took a slight hit this week, after Facebook’s David Marcus testified at two hearings on Capitol Hill about the social media giant’s plans for Libra. Mr. Marcus, whom we profiled this week, fielded questions on a variety of topics, from how Facebook would stop Libra from being used for money laundering and terrorist financing to how the Libra Association, which will oversee the cryptocurrency, would be regulated.

It’s clear that Congress intends to push back on Libra, but its actual response is still up in the air. Two separate bills have already been drafted that seek to kill Libra, one by Rep. Maxine Waters, a California Democrat, and one by Sen. Brian Schatz, Democrat from Hawaii. We discuss those developments below. Plus, check out some exclusive funding news about Bitwise Asset Management, which creates crypto investment products for institutions.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Opinion startups
Stop Paying People So Much
Illustration by Clark Miller.
Every startup leadership team wrestles with the trade-offs between growth and profitability. This is fitting and ever shall be. What teams don’t reflect on sufficiently is how a flawed compensation philosophy can make those trade-offs far more painful than they could be. As a former entrepreneur, I know that every venture relies on the exceptional efforts of supermotivated professionals,...
Latest Briefs
 
Chainalysis Lays Off 5% of Workforce
Pressure Mounts on TikTok as Prominent Democrat Calls for Ban
TikTok Meets Republican Lawmaker to Discuss Data Security Plans
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Illustration by Clark Miller.
Opinion startups
Stop Paying People So Much
Every startup leadership team wrestles with the trade-offs between growth and profitability. This is fitting and ever shall be.
Verily headquarters in San Francisco. Photo by AP.
Exclusive google
Revenues Rise at Alphabet’s Biggest ‘Other Bet’ But So Do Losses
Verily, by far the biggest Alphabet unit by revenue after Google, continues to post heavy losses, according to previously undisclosed financial information.
Photo by Bloomberg
The Briefing markets facebook
Meta Declares ‘Year of Efficiency’ as Revenue Stagnates
We’re in the middle of Chinese New Year celebrations at the start of the Year of the Rabbit. At Meta Platforms, though, it’s the “year of efficiency,” as CEO Mark Zuckerberg declared Wednesday on announcing fourth-quarter results.
Cameo co-founders Steven Galanis, Devon Townsend, Martin Blencowe, from left to right. Photo by Michael Kovac/Getty Images
Creator Economy startups crypto
Cameo and Rally Shutter NFT Products, #Paid Conducts Layoffs
I’m kicking off today’s newsletter with some news: Creator services from Rally to Cameo are ditching crypto features that generated lots of buzz during the pandemic.
Stripe CEO Patrick Collison. Photo by Bloomberg.
Crypto Global crypto
Stripe’s Ill-Timed Crypto Re-Entry; SBF Needs to Stay Off Signal
My colleagues have been busy covering the latest at payments giant Stripe , which is in talks with existing investors that include Joshua Kushner ’s Thrive Capital to raise $3 billion.
Photo by Bloomberg.
e-commerce amazon
Amazon’s No-Fly Zone: Drone Delivery Largely Grounded Despite Splashy Launch
Amazon in December announced with great fanfare that, after nearly a decade of work, it had finally launched drone delivery in the U.S., in two towns in California and Texas.