Facebook’s Libra Coin Is Threatened By Lack Of Regulation – Supporters Reportedly Back Off

Facebook has been in the spotlight a lot recently, notably after it unveiled its massive Libra-related plans.

Libra has been surrounded by various opinions. At the begining, there was a lot of excitement around the project and then more, and more crypto voices have started to criticize it.

Ripple CEO believes that Facebook’s Libra sabotaged itself

Just recently, Ripple’s CEO Brad Garlinghouse revealed his own thoughts about Libra.

He believes that the whole scrutiny that Facebook triggered is its own fault. Since the social media giant revealed its cryptographic project to the public regulators and policymakers had grilled this corporation.

Ripple CEO is certain that this whole situation is Facebook’s fault.

Facing criticism and regulatory issues

Now it seems that according to the latest reports, Facebook’s Libra has been facing harsh criticism and regulatory issues since its whitepaper has been revealed a few weeks ago.

It’s been reported that the controversy that’s surrounding the coin doesn’t seem to be going down anytime soon and fresh regulatory uncertainties have threatened the existence of this crypto.

Smartereum notes that top supports of the coin are reportedly making plans to withdraw from the project.

The online publication notes that Financial Times reports that three main supporters of the coin have already held private meetings in order to discuss a possible retreat from the Libra project.

The reason seems to be the strong resistance that’s been shown by the regulators.

Smartereum reports hat “Politicians in the U.S and other top states have criticized the Facebook Libra coin project. Recently, the EU antitrust officials raised concerns about the project. This has pushed some supporters of the project to back off. Facebook has also issued a warning telling its investors that the coin may never exist at all.”

We recommend that you head over to the original article in order to learn more about the subject.

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