Back to the list

Facebook Libra Partners Receive Warning Letter from US Senators

Three Facebook Libra partners received warnings from United States politicians about participating in the project. According to Bloomberg article, two US senators sent a letter to Visa, Mastercard, and Stripe. They reportedly put pressure on three payment giants.

The message is published a week after rumors began to spread about the actions of partner companies. Thus, PayPal, previously part of the Libra project, officially left it, saying that it was afraid of the consequences. The latest message from senators reads:

“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.”

08-10-2019 10:28:24  |   Regulation
One of the authors of the letter, Sherrod BROWN, is a member of the Senate Banking Committee. He suggests that a general distrust of Facebook could turn into a distrust of its financial activities.

Back to the list