TOTALLY EXPECTED HEADLINES: There’s a big problem with Facebook’s Libra cryptocurrency.

Since Libra’s unveiling, the project has gotten a chilly reception from some policymakers. On Wednesday, Federal Reserve Chairman Jerome Powell signaled skepticism about Facebook’s plans for Libra.

“I don’t think that the project can go forward … without there being broad satisfaction with the way the company has addressed money laundering, all of those things,” Powell said in testimony before the House Financial Services Committee. He added that the project raised “serious concerns” for regulators.

According to The New York Times, even some of Facebook’s official partners are lukewarm on the project. Partners are slated to contribute $10 million each to help fund the launch of the network. But the Times’ Nathanial Popper reported in late June that “no money has changed hands so far,” and he noted that some of the companies who agreed to lend their names to the project avoided making strong public statements in support of it.

That reflects significant uncertainty about how Libra will actually work—and if it’s even possible to launch a network like this within the bounds of the law.

Much more at the link.