NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Tether Resolves Celsius Lawsuit With Major $300 Million Settlement Deal

US Treasury Secretary on Libra Exodus: Crypto Partners Not Up To Par

Martin Young
Martin Young
6 years ago
2 mins read
bitcoin crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The golfing analogy was not lost as Facebook gets buried deeper in the digital rough while its crypto project partners run for the hills. In an interview with CNBC yesterday, US treasury secretary Steven Mnuchin said they may have feared heavy regulatory pressure.

Threats For Crypto Consortium

Speaking on CNBC’s ‘Squawk Box’, Mnuchin stated that he had met with Libra representatives and partners on multiple occasions. He stated in no uncertain terms that if those associated with the Facebook crypto project do not meet the government’s stringent anti-money laundering standards they would be subject to enforcement action, adding;

“And I think they realized that they’re not ready, they’re not up to par. And I assume some of the partners got concerned and dropped out until they meet those standards.”

At the weekend the G7 group released a report outlining the inherent dangers in allowing such a project to go ahead.

The exodus accelerated after US senators sent veiled threats in a letter to CEOs of companies that are members of the Libra Association. One such letter shared online was addressed to Stripe CEO Patrick Collison, originating from senators Brian Schatz and Sherrod Brown. It stated that Facebook is trying to act as a financial authority without regulated status, adding;

“Facebook is attempting to accomplish that objective by shifting the risks and the need to design new compliance regimes onto regulated members of the Libra Association like your companies.”

With the Treasury Secretary backing up these threats, the likelihood of Zuckerberg and Marcus having any partners left at the end of the year is slim at best.

To date PayPal, Visa, Mastercard, Stripe, eBay, Kayak owner Booking Holdings, and Mercado Pago have announced their departure from the project. Five of those seven are global payments companies which serves a huge blow to Libra. Only one payment processor remains involved with the association, a Dutch firm focused on mobile and web payments in the European market called PayU.

Geneva Meeting

Yesterday the Libra Association, or what remains of it, held its first official board meeting in Geneva, Switzerland. The social media giant officially moved forward with its crypto plans despite intense criticism from US regulators and politicians and the recent exodus.

According to reports, most of the meeting was involved in establishing the basic governance of the new association which is now seven members lighter. Five board members were named including Xapo CEO Wences Casares, Andreessen Horowitz’s blockchain lead Katie Haun, Libra head David Marcus, Kiva Microfunds’ Matthew Davie and PayU’s Patrick Ellis.

Unperturbed, the consortium also announced that 1,500 organizations have expressed interest in joining the crypto project and 180 of them meet eligibility requirements to become members. The goal is to achieve 100 members before the 2020 launch date, which is now likely to be set back due regulatory issues.

Image from Shutterstock
Tweet123Share213ShareSend
Martin Young
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin

Dogecoin Sheds 25% As $57M Flees Market — Can The Memecoin Recover?

Dogecoin fell sharply on Tuesday, losing a quarter of its value and retreating to the $0.19 mark after a recent...

Christian Encila 6 hours ago

DeepSeek AI最新預測:點名Solana、XRP、Chainlink與Bitcoin Hyper成年底翻倍焦點

隨著加密市場的回暖與機構資金重回主流,DeepSeek AI最新發布的投資組合報告成為市場關注焦點。該人工智慧模型在對2025年加密資產的市場結構、交易量與資金流向進行全面分析後,選出四個具備年底前翻...

Mark Mak 7 hours ago
Dogecoin news

Elon Musk Mentions Dogecoin Again — Is The Meme Coin About To Rally?

Elon Musk waded back into the money-meets-energy debate on X today, endorsing Bitcoin and Dogecoin. The Tesla CEO replied to...

Jake Simmons 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Crypto altcoin news

Crypto Bull Run Ahead: Powell Just Telegraphed End Of QT

Jake Simmons 15 minutes ago
Monad

Hyperliquid Holders Left In The Dark: Monad Protocol Faces Scrutiny Over MON Airdrop

Ronaldo Marquez 1 hour ago
Ethereum

Ethereum’s Technical Reset: $3,800 Support May Ignite The Next Wave Upward

Godspower Owie 5 hours ago

Premium Sponsors

Press Releases

  • ChatGPT-5 Prezice Că Această Monedă V-ar Putea Face Milionari

    ChatGPT-5 Prezice Că Această Monedă V-ar Putea Face...

    8 minutes ago
  • ドージコイン 今後の価格予測:クジラの買い集めで1ドル目標が再び注目される

    ドージコイン...

    18 hours ago
  • リップル 今後:SEC申請が示すETF承認間近の兆し、XRPが1,000ドルを目指す瞬間か

    リップル...

    18 hours ago
  • 仮想通貨プレセール最終週:新興トークンが上場前に100倍高騰の予測

    ...

    19 hours ago
  • 新しい仮想通貨が350万ドルを調達、専門家が「2025年最高のプレセール」と評価

    ...

    19 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.