Twitter reacts to US Senators warning Visa, Mastercard and Stripe about Libra involvement


  • The three payment giants have been very concerned with their involvement in Libra.
  • PayPal had earlier pulled out of the Libra Association, citing negative regulatory attention.

The spotlight is currently shining brightly on Visa, Mastercard and Stripe following PayPal’s exit from the Libra Association. As per Finance Magnates, two senate democrats – Sen. Sherrod Brown of Ohio and Sen. Brian Schatz of Hawaii – are requesting the three payment giants to follow PayPal’s lead. They have sent three letters to the CEOs of the company. In it, they have pointed out the dangers of digital currencies and the potential business risks they may attract.

As previously reported by FX Street, following PayPal’s exit, Visa, Mastercard and Stripe are looking to pull out of the project to avoid negative regulatory attention. The Senators said:

“Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control.

You should be concerned that any weaknesses in Facebook’s risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate.”

Twitter Reactions

Jason Kint, CEO of Digital Content Next:

"PayPal out. Previous reporting said Visa and Mastercard also reconsidering. I was really surprised they all jumped on this “trust ship” together in first place considering the investigations and obfuscations involving Facebook leadership on other matters."

Emin Gün Sirer, CEO AVA labs:

"I keep saying: permissioned systems are very hard to keep together. The coalitions always crack. You need to have a way to connect permissioned networks like Libra to larger, permissionless systems. Let's give FB time, they'll eventually get it"

Scott Monty, keynote speaker and corporate advisor:

"When Congress is telling you something looks shady, it's time to get out."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Coinbase experiences delays in Bitcoin withdrawals just like in 2017

Bitcoin exchanged hands at its all-time high (ATH) but left 20,000 untouched on Monday. The skyrocketing prices are a great way to start the final months of the year. However, it has reported similar delays in Bitcoin ...

More Bitcoin News

Ripple Price Analysis: XRP/USD eases inside short-term rising channel

XRP/USD drops to 0.6550 while stepping back from the latest high of 0.6767 during the early Tuesday. In doing so, the crypto major fades upside momentum inside a bullish chart pattern. XRP/USD drops to ...

More Ripple News

Tezos to add anonymity features, XTZ price aims to hit $2.8 in the short-term

While Tezos price slowly recovers from the last market crash, its developers have announced a new upgrade named Edo, which intends to add shielding on transactions and a ticket system for smart contracts ...

More Tezos News

Yearn.Finance Price Prediction: YFI may take a hit before a massive rally to $35,000

YFI has managed to see a 47% bounce in the past four days after hitting a low of $18,228 on November 26. Bulls are looking to establish a higher high on the daily chart and break $29,890.

More Yearn.Finance News

BEST CRYPTO BROKERS/EXCHANGES




Gold Weekly Forecast: XAU/USD tumbles to multi-month lows on risk flows, technical selloff

Bitcoin has lived through a roller-coaster week. The pioneer digital currency hit another multi-year high of $19,500 and got really close to the all-time high on Wednesday. 

Read the weekly forecast

BTC

ETH

XRP