US Treasury Secretary: Visa and other partners have withdrawn from Libra because the project has not yet reached regulatory standards

According to CNBC, on Friday, Visa, Mastercard, Stripe and eBay all announced their withdrawal from Facebook's Libra project. US Treasury Secretary Steven Mnuchin said in an interview today that these companies may be concerned that the government will take action. Mnuchin said he had told Libra that he would take action if the project did not meet regulatory standards. He believes that some Libra supporters "recognize that they are not ready yet, and have not yet reached (regulatory) standards."