Libra Members Consider Quitting Project Due to Gov’t Pressure: Report
Marie Huillet's original article for cointelegraph.com reduced by 54%
At least three of Facebook's early backers for its planned Libra stablecoin launch are considering withdrawing their support in light of the fierce regulatory pushback. A report from the Financial Times on Aug. 23 alleges that two founding partners of Facebook's Libra Association have held discussions about what their "Right next steps" should be.
One further - again unnamed - backer is purportedly concerned that their public support for Libra will draw unwanted regulatory scrutiny of their own, independent businesses. As previously reported, the Libra Association is the newly-established, independent governance consortium for Libra. Both Facebook and the Libra Association have reportedly declined to comment.
As reported this week, the European Commission's antitrust regulators - have become the latest to join the rounds of regulatory probes into Libra since the project's unveiling this June. The regulatory backlash governments, regulators and central bankers worldwide reached such a fever pitch that by late July, Facebook was prompted to warn its investors that the stablecoin may never be released.
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CN [too long; didn’t read]
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