A member of the Federal Reserve’s Board of Governors has said that Facebook (NASDAQ:FB)'s Libra could pose risks to consumers due to a lack of clarity over their rights with respect to the token’s underlying assets and to the system overall.
Lael Brainard — who chairs the Fed’s Committees on Financial Stability, Federal Reserve Bank Affairs, Consumer and Community Affairs, and Payments, Clearing and Settlements — outlined her critique of Libra during a speech delivered at “The Future of Money in the Digital Age” forum in Washington D.C. on Oct. 16.