Forex and Crypto News

Why companies leave Libra

11:03 14 October /2019

Many cryptocurrency supporters hoped that Facebook’s Libra project would be a huge support for the crypto industry itself. However, the news and events that surround this project are significantly opposed to its launch.

Recently, five companies that were members of the Libra Association - Visa, Mastercard, eBay, Stripe and Mercado Pago - announced they leave this project after PayPal.

Gabor Gurbaks, VanEck’s chief digital asset strategist, tweeted that these companies were strongly encouraged to leave the project:

“All companies that leave Libra are probably forced to do so. Unfortunately, capital markets are not free [from censorship]. Now it becomes clear why the ability to resist censorship is important! Welcome to Bitcoin! ”

These companies recently received letters from several U.S. senators urging them to quit the Libra project. The letter says that if companies do not exit the project, they will have to face some requirements from regulators. On Twitter Gurbaks also said that the regulatory burden does not allow these companies to experiment with innovations:

“This is a letter received by the executives of Stripe, Mastercard and Visa (former Libra members). Many executives may have decided not to experiment and abandon innovation to avoid regulatory pressure! Sorry! America could do better! [link to the letter]."

libra tweet.jpg

The investment giant VanEck recently withdrew its SEC application for Bitcoin ETFs, unsure that it would receive approval. The recent rejection of Bitwise and NYSE Arca Bitcoin ETFs became further evidence of this SEC policy.

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