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    US Treasury Secretary Mnuchin: Companies Left Libra Association Due To Compliance Issues

    Steven Mnuchin, the U. S. Treasury Secretary, has recently been interviewed by CNBC’s Squawk Box. During the interview, he talked about how some companies are abandoning the Libra Association as they are concerned with regulatory problems.

    According to him, the project is really not “up to par” with the current laws for Anti-Money Laundering of the United States. This would prompt the government to take action against them, so they have understood that it was not a good idea to side with Libra before the project was really up to par with what was expected.

    Recently, PayPal, Mastercard, eBay, Stripe, Visa and other major companies have all announced that they would drop from the Libra Association, which would govern Facebook’s upcoming stablecoin. Most of the companies decided to back away from the Libra as the G7 working group reported that Libra was a major potential threat to international stability.

    When PayPal left the association, people from the company affirmed that the company “remained supportive” of Libra but that it would not be a part of it anymore. That is the general consensus now. Most companies don’t really want to burn the bridges, but they noticed that backing the Libra is possibly not the greatest idea right now.

    The anti-Libra stance, however, is not taken by everybody. The CEO of Coinbase, Brian Armstrong, has recently criticized the senators of the country for asking companies to leave the project (which they did). According to him, this is “un-American”.

    Right now, Facebook is fighting to keep its partners on its team and to convince the regulators that it can provide a good service, but the situation is far from certain.

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    James W
    James is a cryptocurrency enthusiast, an advocate for the development and exposure of blockchain technology, and believes in the use of digital assets for the good of the society. Enthralled by the huge potential of cryptocurrencies and their underlying technology – blockchain – James dedicated himself to learn more about the industry, becoming a highly sought-after writer in the sector. He covers news, white papers and any content related to cryptocurrency and blockchain in general.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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