US Senators Warn Libra Participants on Project Risks
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9 October
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Visa, Mastercard and Stripe, three companies that have recently reported they are reconsidering their participation in in Facebook's crypto project, have received a warning letter from two US senators, Bloomberg has reported today.

These two senators have reportedly sent a letter to these 3 companies asking them to carefully study the regulatory implications of their participation in the Libra project.

The letter 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."

In short, the senators have warned these 3 companies that Facebook's problems, which are actually quite a lot, might end up becoming their own problems if they support the project.

This news comes shortly after PayPal, which in the past had announced its interest in Libra, officially dropped its support for the project.

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