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The Fed is probably doing this to fend of Facebook Libra. Walls Street is probably wanting to prevent Facebook Libra from money flows.

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The Fed has been using same day ACH (which was really 1/2 day settlement) since 2016.

And they were sending signals pretty soon after the launch that they were wanted real-time payments.

I believe that pre-dates Libra but quite some time.

When will Libra go live? The Fed system will "aim to launch in 2023 or 2024".

It kind of looks like Congress is going to delay Libra until Facebook gives up.

Does Facebook need permission from Congress to launch?

Worst-case Congress can pass a law imposing onerous requirements on digital currencies backed by a basket of something. Best-case Libra has to comply with a bunch of existing money transfer regulations that were never written with cryptocurrency in mind and thus are open to interpretation; various agencies may choose stricter or looser interpretations depending on which way the winds are blowing.

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