Libra Members Think About Quitting Project Due To Government Pressure

A new report is viral in the coming altcoin news, showing that there is a lot of pressure among Libra members. As the report unveils, some of the members are considering quitting the project.
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At least three of Facebook’s early backers for the planed Libra stablecoin launch are now considering withdrawing their support in light of the regulatory pushback.

Carried out from the Financial Times outlet on August 23, the report shows that the two founding partners of Facebook’s Libra Association have held discussions about what their “right next steps” should be.

One of the Libra members (again unnamed) and backer is concerned that their public support for the cryptocurrency will draw unwanted regulatory scrutiny of their own and independent business.

Right now, the latest cryptocurrency news show that there are a lot of blame games. The Libra Association is the newly-established and independent governance consortium for Libra. The list of members now counts 28 organizations including big players such as Visa, Mastercard, PayPal, Spotify and Uber. Each of these giants and Libra partners was required to invest $10 million to join.

As a partner noted in an interview with Financial Times:

“I think it’s going to be difficult for partners who want to be seen as in compliance [with their own regulators] to be out there supporting [Libra].”

Another prospective backer was in the altcoin news for criticizing Facebook regarding its ill-conceived strategy, claiming the following:

“Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.”

The tension seems to continue and the Libra partners are very uncertain about the future. One even admitted that Facebook is itself becoming “tired of being the only people putting their neck out.” However, we did not get any comments from either Facebook or the Libra Association.

As reported last week, the antitrust regulators at the European Commission have become the latest joining the rounds of regulatory probes into Libra ever since the project’s unveiling which occurred in June. There is a lot of regulatory backlash around Libra right now – but all of that has not prevented new potential members from pursuing their interest in the coin.