US Senators put pressure on Visa and MasterCard to withdraw from the Facebook blockchain project

Recently, two US Senate Democrats, Sherrod Brown and Brian Schatz, wrote to Mastercard, VISA and Stripe to warn the Libra project of huge risks, including facilitating crime and terrorist financing and undermining the stability of the global financial system. The letter also suggests that if they continue to work with the association, they will face more supervision from financial regulators in their traditional non-blockchain business. The letter reads: “Facebook seems to want to benefit from participating in financial activities without having to take on the responsibility of traditional financial services companies. If you continue to do so, the regulator will conduct a rigorous review of your activities with Libra and all payment activities. A rigorous review is possible. Republicans are also skeptical about the project, and Senator Joe Josh Hawley believes that Facebook has expanded its monopoly. At present, the federal supervision of these three companies is increasingly strengthened, including the supervision of the Federal Trade Commission, the Consumer Financial Protection Agency and the Ministry of Justice, especially the FTC, which reached a $5 billion settlement agreement with Facebook earlier this year. . The letter was sent a few days after PayPal withdrew from the Libra Association. PayPal did not give specific reasons for the withdrawal, but many speculated that this was a reaction to increased pressure on regulators.