Senators warn Visa, Mastercard, Stripe on Libra membership

by in Cryptocurrency News

Visa MasterCard Stripe

Two Senate Democrats are warning three payment corporations to review their membership in the Libra Association and involvement with the crypto project of the Facebook.

Related: Facebook presents a new payment system on its social media

Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii are sure that Libra is a threat not only to the worldwide economy but also to global payment organisations. Two Senators wrote about this in their letter to Visa, Stripe and Mastercard on Tuesday.

There are 27 member-companies including Vodafone Group, Uber, Coinbase and so on.

On October 4 Paypal Inc., that was one of the initial members of the Association, confirmed that it had left Libra project.

In his statement Sherrod Brown wrote: “Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks currently limited to accredited investors.”

Both Senators urge payment companies to carefully consider how their corporations will manage these risks before proceeding.

Payment corporations Visa, Stripe and Mastercard refused to comment on this situation.