US Lawmakers Call on Payment Giants to Exit ‘Chilling’ Libra Project

Two U.S. Senators have publicly asked Visa, Stripe, and Mastercard to remove themselves from the Facebook-led cryptocurrency payment network, Libra. Senator Brian Schatz (D-HI) and Sherrod Brown (D-OH) sent three separate letters Tuesday to Visa CEO Alfred F. Kelly Jr., Stripe CEO Patrick Collinson and Mastercard CEO and president Ajaypal Singh Banga over the firms’ participation in […]

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PayPal Might Withdraw From Libra Association: Report

One of the founding Libra Association members may be on the verge of pulling out. The Financial Times reported Thursday that payments firm PayPal is considering leaving the Facebook-initiated crypto project due in part to the regulatory backlash Libra has received in recent months. According to the Financial Times, PayPal representatives did not attend a […]

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Swiss Regulator FINMA Won’t Impede Libra’s Development

As European watchdogs send troubling signals towards the Facebook-led Libra cryptocurrency, Switzerland remains willing to listen. According to a Reuters report on Tuesday, Mark Branson, CEO of the Swiss Financial Market Supervisory Authority (FINMA), said, “We are not here to make such projects impossible.” “We will respond to them with an open mind, with an attitude that […]

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Swiss Central Bank Dreads Scary Foreign Stablecoin Crypto – CCN Markets

Switzerland’s central bank is running scared over its control on monetary policies in the face of stablecoins pegged to foreign currencies. | Source: Shutterstock; Edited by CCN Switzerland’s central bank is fretting over the possibility of stablecoins pegged to foreign currencies eroding its ability to use its monetary policy tools effectively, further complicating the path […]

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Switzerland Meetings Didn’t Clear US Lawmaker’s Doubts on Facebook’s Libra

A U.S. lawmaker said her concerns with Facebook’s Libra crypto project remain after meeting regulators in Switzerland, where the social media giant’s Libra Association is headquartered. Congresswoman Maxine Waters (D-CA), who also heads the House Financial Services Committee, said in a statement on Sunday her recent meetings with Swiss regulators did not clear her doubts […]

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Facebook’s Libra Backers Are Having Second Thoughts. No Surprise Here

Facebook’s Libra may have some early ship-jumpers as some of its first backers are reportedly distancing themselves from the project over regulation. | Source: AP Photo/Marcio Jose Sanchez, File By CCN Markets: Facebook’s Libra project could be dead on arrival. If it does launch, it probably won’t be anything like what was originally proposed by […]

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Facebook Libra Already Facing an EU Antitrust Probe: Report

Facebook is reportedly already under investigation by the EU over antitrust issues related to its Libra cryptocurrency project. A document seen by Bloomberg indicates that the European Commission is “currently investigating potential anti-competitive behavior” by the Libra Association. The report describes the document as a questionnaire suggesting the commission is concerned that Facebook’s planned digital payment system could unfairly […]

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Jeremy Allaire’s Circle the Latest to Distance Itself from Facebook’s Libra

Jeremy Allaire’s Circle issued a U.S. dollar-backed stablecoin before stablecoins were cool. Now that Facebook has joined the fray with its Libra coin, which is designed to be backed by a basket of fiat currencies (and maybe other financial instruments), the spotlight on stablecoins has grown brighter. But Allaire, who is testifying in front of […]

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WATCH: The Facebook Libra Hearings: Everything You Missed in 5 Minutes

  “It’s not a surprise to me that inevitably corporations are going after creating their own tokens but for Facebook to be one of the first big ones is is pretty much a surprise,” said Lukka CEO Jake Benson told us when news of Libra began to spread. The world shared his surprise when Facebook unveiled […]

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Huawei CEO Calls on China to Create a Rival to Facebook’s Libra Crypto

Telecommunications giant Huawei’s chief executive has said that the time is ripe for China’s government to preempt Facebook’s Libra. Speaking in an interview with Italian media outlet L’economia, CEO Ren Zhengfei remarked that China has the capability to pursue such an undertaking. He was asked a question about U.S. global hegemony and Facebook’s issuance of […]

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