Libra Crypto Members Remain Calm Amid Regulatory Backlash

By Jamie Green - -Crypto Expert

Ever since being announced in June, Facebook’s cryptocurrency project Libra has attracted massive criticism from the world’s regulators and lawmakers. Nevertheless, sources close to the Libra Association claim that such a response was to be expected when looking to create a coin that can be used to buy and sell cryptocurrency.

One source told CoinDesk, “We always knew this was something that was going to be hard.”

However, according to recent media reports, some of the 28 founding members of the project - including Uber, PayPal, Visa, and other payment and tech giants - have been shaken up a bit.

Two unnamed Libra Association members, according to the Financial Times contemplated pulling out of the project due to the harsh tensions from the “regulatory spotlight.”

Despite that, a follow-up report from CoinDesk revealed that the association’s crypto contingent - Xapo, Bison Trails, Coinbase and Anchorage, remain openly optimistic about the project. Once many begin to buy cryptocurrency on the chain and utilise the potential, the project could massively take off with innovating the space. 

It appears the native members of Libra are seeing this through to the end.

Union Square Ventures and Andreessen Horowitz (a16z) - two venture capitals closely associated with blockchain investing - told CoinDesk that they are highly committed to the project. No matter how much heat the project attracts, we could still see these capitalists driving the coin to the market to allow users to buy crypto and trade through the chain.

Both CEOs of blockchain infrastructure startup Bison Trails and alternative banking company Xapo have confirmed to be Libra members who have no intention of leaving.

An Anchorage spokesperson told CoinDesk:

“The team believes in the mission of Libra and is proud to be a Founding Member of the Libra Association. They are confident that the Association and its members will work through regulatory concerns and look forward to continued conversations with policymakers.”

Many of the backers strongly believe the project will prevail through regulatory concern. Others may be riding the back of Libra to innovate the space of buying and selling Bitcoin and as well as other cryptocurrencies.

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