US Treasury Secretary Says Firms Left Libra Due to Compliance Issues
Ana Alexandre's original article for cointelegraph.com reduced by 46%
United States Treasury Secretary Steven Mnuchin has attributed the recent spate of firms abandoning Facebook's Libra stablecoin project to regulatory concerns. Mnuchin's statement comes a few days after Visa, eBay, Stripe and Mastercard all announced that they are dropping out of the Libra Association, the stablecoin's governing body, saying that they had chosen to redirect their focus for the time being. Prior to that, major payment processor PayPal announced its withdrawal from Libra, as regulators continue to scrutinize the project.
"We remain supportive of Libra's aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities." At the same time, Coinbase CEO Brian Armstrong criticized U.S. senators for asking Stripe, Mastercard and Visa to leave Libra.
"Something feels very un-American about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra," Armstrong wrote. Announced this summer, Libra would ostensibly serve as a payment instrument for the user base of Facebook and its associated services like Instagram.
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