According the The Verge, Libra Association members is being actively pressured by Lawmakers in the US to rethink their participation with the group.
CEO’s of Visa, MasterCard, Stripe have sent a letter warning of the risk the digital currency could face, among them being criminal and terrorist financing and destabilization of the global financial system. These letters come shortly after PayPal’s withdrawal from the Libra Association. Companies associated with the project could also face more oversight from financial regulators and lawmakers worry that Facebook is trying to expand its monopoly.
The three large payment processors face significant regulatory burden in the US(FTC, CFPB & DoJ) and throughout the rest of the world. Now the FTC is taking even more of an interest in Facebook after a $5 billion settle earlier this year.
The Libra Association has told The Verge that is maintains its commitment not to launch until questions and concerns by regulators are addressed. “This is enshrined in our long launch runway, which has helped inform regulators, policymakers and other stakeholders around the world about our commitment to responsible financial innovation and strong oversight.”
Other Libra members so far, have remained committed to the project, bearing in mind that the it is still a fresh concept where there will be opportunity to confront this coming month with the first official meeting taking place in Geneva on 14 October. On 23 October Mark Zuckerberg is scheduled to appear before the House Financial Service were the central topic will be the risks and benefits of Libra.
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