Legal Officers have begun working on Libra members of the Association, the global blockchain payment scheme by Facebook, to reconsider your involvement with the group.
In a new letter It was sent to the Principals of Visa, Mastercard, and Raya, Advisers Brian Schatz (D-HI) and Sherrod Brown (D-OH) to warn of the dangers of the Libra project, including the opposition to criminal activity and money laundering and access to the global financial system. The letter also states that companies that are more closely monitored by financial managers than their non-financial companies should continue the relationship.
“Facebook wants the benefits of being involved in financial services without having the responsibility to operate as a financial services company,” the letters read. “If you take this step, you can expect a lot of scrutiny from managers not only in Libra work, but in all paid work.”
Republicans have also doubted the idea of a bill, and Senator Josh Hawley (R-MO) and describes Facebook as “expanding its ownership.”
In terms of payment processing, these three companies are facing significant government burdens, including the Federal Trade Commission, the Office of Consumer Financial Protection, and the Department of Justice. Facebook is moving to more and more surveillance from companies – the FTC, in turn $ 5 billion contract and the company earlier this year. None of the three payment processors responded immediately to the request for comment.
The news will arrive just a few days later PayPal has been separated from the Pound Association. The company did not address any specific issues, but many have said it was a response to strong pressure from law enforcement.
“The Libra Association remains committed to not starting until questions and concerns come from law enforcement,” said Libra Association policy chief Dante Disparte. Symbol. “This is a project that has been captured during our launch period, which has helped executives, policy makers and other international donors for our commitment to financial reform and scrutiny.”
Meanwhile, some Libra members have been working hard on the project, which is still in its infancy, but there are many areas where these issues could be addressed in the coming months. The first official meeting of the Libra Association will be held in Geneva on October 14. Mark Zuckerberg is scheduled to appear in front of the Financial Services Agency next week, on October 23, to discuss the problems and benefits of Libra. great project.
Update 12:14 PM ET: Updated with updates from the Pound Association and details from Mark Zuckerberg, the fashion committee.