Coinbase CEO has criticized U.s.a.' senators for asking Stripe, Mastercard and Visa to get out Facebook'southward crypto project Libra.

"Something feels very un-American about this"

After U.S. Senators Brian Schatz and Sherrod Brown plainly pressured the payment giants to leave Libra, Brian Armstrong, co-founder and CEO of major U.Due south. crypto exchange Coinbase, called the action "un-American" in a tweet on October. xiii.

Armstrong wrote:

"Something feels very un-american about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra."

Senators' letter pushes payment giants to exit Libra

On Oct. 8, senators Schatz and Dark-brown sent public messages to Stripe CEO Patrick Collinson, Mastercard CEO Ajaypal Banga and Visa CEO Alfred Kelly regarding their participation in Facebook-led stablecoin project Libra.

In three split letters, the senators take threatened the payment giants to enforce more regulatory scrutiny not only on Libra-related payment activities, only all their payment activities. The senators wrote:

"Facebook is attempting to reach that objective past shifting the risks and demand to design new compliance regimes on to regulated members of the Libra Clan like your companies. If y'all accept this on, you can expect a high level of scrutiny from regulators non only on Libra-related payment activities, but on all payment activities."

Senators cite child sexual abuse content reports on Facebook

In the letters, the senators have cited reports on Facebook's declared involvement in facilitating the distribution of child sexual abuse content as a reason to non trust the social media giant to atomic number 82 an initiative like Libra.

The senators claimed that 12 1000000 out of the 18.4 million reports of kid sexual corruption photos and videos over the world in 2018 were attributed to Facebook Messenger.

The letter of the alphabet reads:

"It is chilling to call back what could happen if Facebook combines encrypted messaging with embedded anonymous global payments via Libra. Your companies should be extremely cautious almost moving ahead with a project that will foreseeably fuel the growth in global criminal activity."

Post-obit the letters from the senators, Visa, eBay, Stripe and Mastercard announced that they are leaving Facebook'due south Libra Association and its stablecoin project on Oct. 11. Another of import payment processor, PayPal, officially withdrew from the association on Oct. 3.

As reported, Facebook CEO Mark Zuckerberg volition prove before the Firm of Representatives Financial Services Commission on Oct. 23 regarding the proposed Libra stablecoin project.