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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide