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22 October 2019

U.S. Warns Visa, Mastercard to 'Proceed With Caution' Regarding Libra - Bitcoin News

U.S. Warns Visa, Mastercard to 'Proceed With Caution' Regarding Libra - Bitcoin News


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lawmakers are now pressuring Stripe, Visa and Mastercard to rethink their membership of the Libra Association as well.

As news.Bitcoin.com recently reported, Paypal has cut ties with Facebook’s upcoming crypto project by leaving the Libra Association.

Libra is no stranger to strongly worded letters from government legislators, and now even corporations supporting the project are getting a taste of the regulatory backlash.

Senators, Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), were sent to San Francisco-based online payment processor Stripe Inc., and finance giants Visa and Mastercard.

While Paypal representatives did not cite a specific reason for leaving the Libra Association, some reports cite the increasing regulatory scrutiny being applied to the group, as well as a perceived lack of adequate response from Libra to lawmakers and regulators.

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