Regulatory Heat of Facebook’s Crypto Coin Hasn’t Broken The Spirits Of Libra Association Members
When organizations were joining Libra, they knew that the project is not going to be easy, especially considering the regulatory loopholes that the organization was going to have to overcome.
Things got a bit dire recently and there were a few three of the firms expressed concerns over being seen to be linked to the project. People close to Coinbase also say that there is friction between the two organizations too.
Libra Association was boasting of having accrued 28 members which included heavyweights from the financial sector like Mastercard and Visa alongside tech giants like Spotify and Uber as well as Facebook’s subsidiary, Calibra. However, just a few weeks back the projet sparked an anti-trust investigation by EU officials.
The company is planning to get abut 100 members on board with a minimum contribution of $10 million. One founding partner came out and said:
“Some of those conversations [about regulation] should have taken place before the launch, to understand how regulators would think about this, so there wasn’t so much pushback.”
However, the frustration was seen to be both ways as Facebook themselves expected the member of Libra Association for not voicing their support. Now, they are coming in front. To start off with, Andreessen Horowitz (a16z) and Union Square Ventures, two VC firms involved in blockchain investing confirmed their commitment to the project.
Speaking to Coindesk, a spokesperson of Anchorage said:
“The team believes in the mission of Libra and is proud to be a Founding Member of the Libra Association. They are confident that the Association and its members will work through regulatory concerns and look forward to continued conversations with policymakers.”
In other Libra news, the Bug Boounty Program on Libra is now open to the public. The expansion of the program would promote values critical to the Libra Association like openness, transparency, and global access, and ensure minimal issues on the launch date in 2020.