Facebook Libra is falling apart

Last week has been brutal for Facebook Libra.

In my previous post, I mentioned that PayPal is on the verge of quitting Facebook's Libra project.

Last week, a bomb was dropped: Visa, Mastercard, Stripe, and eBay all quit in one day.

Here’s the full list of Libra’s company partners and who have bailed out so far:

Why are they bailing out?

Executives at Stripe, Mastercard, and Visa received a threating letter from members of the US Senate, which includes things like this:

“If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities but on all payment activities.”

While there are a lot of threats and miscomings with Facebook launching its own "cryptocurrency," I'm not sure this is the most ethical way for a government to intervene.

Additionally, news hit the wire that Facebook CEO Mark Zuckerberg will defend the Libra cryptocurrency project to U.S. lawmakers later this month.

The previous times, it has been Facebook's blockchain lead David Marcus testifying, not Mark.

It will be a fun watch.

- Edgar