Supporters of Facebook’s Libra Dissociating Themselves as Regulatory Disapproval Grows


Early backers of Facebook’s (FB) cryptocurrency Libra are planning to sever ties with the digital money project due to a growing chorus of opposition by regulators and politicians worldwide, according to a report from the Financial Times.

Two of Libra’s founding supporters told the newspaper they did not want to face further regulatory scrutiny over the project while another backer expressed concern that the project could attract the attention of regulators who oversee their own businesses.

Libra was formally announced in June and had the backing of more than 20 companies, including Visa, Mastercard, Uber, Spotify and the Facebook subsidiary Calibra, each making a non-binding pledge to invest at least $10 million in the project, the Financial Times said.