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.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.