Senators Strong-arm Visa to Abandon Libra

October 14, 2019

The anticipated launch of Libra, the Facebook’s proprietary cryptocurrency, which can be characterized as a stablecoin, is more than a year away, yet the global informational space is constantly buzzing with every bit of news related to the so-called Zuck Buck, a slightly sardonic nickname of the future digital coin that made the US lawmakers bare their teeth.

This time around, two United States Senators went as far as making an official plea to three companies: Visa, Mastercard, and Stripe, which had already vested their interest in the Libra Foundation, in the form of a letter, asking them to pull out of the project willingly. In this letter, the officials have resorted to making covert threats to the corporations, implying that they would not be capable of handling the regulatory scrutiny and mitigating other risks associated with the infamous cryptocurrency.

Therefore, Senators suggested that these companies should reconsider their further involvement with Libra Foundation before the signing of a formal charter that is due to take place on October 14.

You are being warned, says Schatz and Brown

Brian Schatz, a Democrat Senator that represents Hawaii, and Sherrod Brown, another Democrat elected in Ohio, have sent the “warning” letters to Patrick Collison, the co-founder and CEO of Stripe, Alfred Kelly, the chief executive at Visa, and Ajaypal Singh, the President and CEO of Mastercard. The politicians have formulated their concerns in relation to the nature and the future scope of application of Libra, as well as the negligent attitude displayed by Facebook towards the security of personal data and the capability of preventing other informational manipulations, for instance, meddling in the last US elections.

Senators claim that Facebook has so far failed to properly address the numerous privacy violations, data breaches, and other instances of fraudulent behavior, of which the social media giant had been accused over the course of the last two years alone.

Moreover, they accused Facebook of being a haven for sexual predators, claiming that the bulk of abuse reports were attributed to that company. The politicians drew a gloomy picture of Facebook becoming a major platform for criminal activity after they will have introduced the encrypted messaging in combination with the anonymous cross-border payments by a means of Libra.

In the closing parts of the letter, Schatz and Brown even went as far as intimidate the recipients by promising to expose them to a “high level of scrutiny” from the US financial regulators, should they proceed with their cooperation with Facebook on the cryptocurrency development.  

PayPal already backed down

Visa, Mastercard, and Stripe are not the only globally renowned companies that got themselves in the crossfire between Facebook and the regulators. In fact, PayPal, a universally popular payment solution, had already declared the intention to discontinue cooperation with the Libra Association, or other cryptocurrency-related endeavors initiated by Facebook. The reason for that being that PayPal wants to devote all their resources to further develop the existing projects instead of getting involved in a controversial venture that might hurt both their reputation and the relationships with the governments of Western countries. Facebook replied that they acknowledge PayPal’s right to withdraw from the project and hope to retain their strategic partnership.

Author: Alex Paulson for

Alycoin ICO Scheme is blacklisted
Alycoin ICO Scheme is blacklisted

Spain’s financial watchdog, CNMV, has warned a crypto-based website for endorsing ICOs for AlyCoin (an Ethereum-backed token). The regulatory authority blacklisted the website after...

First Blockchain-Enabled Airline Ticket
First Blockchain-Enabled Airline Ticket

Blockchain technology is gradually entering the airline industry as Hahn Air issues the first-ever air tickets to passengers via blockchain technology. The German airline...

Maksim Zaslavskiy gets 18-months Sentence for Fraud
Maksim Zaslavskiy gets 18-months Sentence for Fraud

Maksim Zaslavskiy, the creator of REcoin, has bagged an 18-month sentence for his defrauding role in real estate and diamonds ICOs...

OneCoin Co-Founder Pleads Guilty of Fraud
OneCoin Co-Founder Pleads Guilty of Fraud

The number one rule for any mastermind behind a Ponzi scheme is not to get caught and jailed by the authorities. Apparently, Konstantin Ignatov didn't follow that rule to the word...

Iran Introduces Bounty For Illegal Miners
Iran Introduces Bounty For Illegal Miners

Iran has had an open-minded approach towards cryptocurrencies, but now, the government’s stance on mining has become a bit tougher after the adoption of new regulations...

Japan becomes member of Asian Security Token Market
Japan becomes member of Asian Security Token Market

A report from the Nikkei Asian Review sent ripples all over the continent. A company based in Japan, Tokai Tokyo Financial Holdings made it clear it was investing...

BlockTV Insists It Is Not an ICO
BlockTV Insists It Is Not an ICO

Controversial Israeli blockchain tycoon Moshe Hogeg is in the news again. The media venture he owns, BlockTV, is planning to raise the sum of $6 million. It plans to achieve this by a token listing on the digital currency...

Deals fall through as three ICOs fail to meet deadlines
Deals fall through as three ICOs fail to meet deadlines

The settlements that a couple of Initial Coin Offering (ICO) projects reached with the United States Securities and Exchange Commission...

Top 10 upcoming ICOs

ICO Start End
1 Ledder Aug 01 Dec 31
2 BitWings Jun 03 Nov 30
3 Pbet Jun 18 Dec 15
4 UCBI Banking Oct 18 Jan 18
5 Cinemadrom Feb 03 Apr 30
6 Yachtco Aug 04 Feb 04
7 Nexxus Nov 23 Dec 15
8 GOVEARN Jun 23 Dec 31
9 BrandProtect Apr 27 May 31
10 PointPay Jul 22 Jul 22
All ICOs

Top 10 Crypto Brokers

Rank Status Broker Reviews
1 FXTM information
2 HYCM information
3 FIBO Group information
4 HotForex information
5 XM information
6 OctaFX information
7 easyMarkets information
8 LH Crypto information
9 USGFX information
10 information
All Crypto Brokers

Top 10 Cryptocurrencies

Currency Price, USD 24h
1 Bitcoin 7 451.139 -6.88%
2 Ethereum 156.055 -9.69%
3 XRP 0.239 -3.08%
4 Tether 1.005 -0.06%
5 Bitcoin Cash 214.430 -10.6%
6 Litecoin 49.110 -7.57%
7 EOS 2.688 -10.54%
8 Binance Coin 16.240 -6.95%
9 Bitcoin SV 95.345 -8.42%
10 Stellar 0.059 -5.25%
All Crypto Currencies

Top 10 Crypto Exchanges

Exchange Volume, USD Reviews
BitMEX 3 069 312 071
EXX 2 250 568 625
Biki 1 853 598 655
BKEX 1 851 309 394
P2PB2B 1 753 668 584
CoinEx 1 597 757 171
Fatbtc 1 566 375 344
Binance 1 554 730 819
LBank 1 544 760 848
MXC 1 452 207 912
All Crypto Exchanges