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US Lawmakers Call on Payment Giants to Exit 'Chilling' Libra Project
Senators Brian Schatz and Sherrod Brown have called on Visa, Stripe, and MasterCard to reconsider their membership of the Libra Association.
Updated Sep 13, 2021, 11:33 a.m. Published Oct 9, 2019, 11:30 a.m.
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Two U.S. Senators have publicly asked Visa, Stripe, and Mastercard to remove themselves from the Facebook-led cryptocurrency payment network, Libra.
Senator Brian Schatz (D-HI) and Sherrod Brown (D-OH) sent three separate letters Tuesday to Visa CEO Alfred F. Kelly Jr., Stripe CEO Patrick Collinson and Mastercard CEO and president Ajaypal Singh Banga over the firms' participation in the developing network. The three companies are among 27 partners for the project so far.
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Earlier this month PayPal dropped out of the Libra Association, just weeks before members are to sign a formal charter on Oct. 14.
In the letters, Schatz and Brown say Facebook, the driving force behind the network, has failed to satisfactorily answer regulatory concerns over terrorism, money laundering, monetary policy and economic destabilization.
At the heart of the senators' argument lay past accusations against the social media giant such as a New York Times article exposing criminal abuse of Facebook’s messenger app.
The letter states:
“It is chilling to think what could happen if Facebook combines encrypted messaging with embedded anonymous global payments via Libra.”
In what could be viewed as threatening language, Schatz and Brown say participating firms such as Visa, Stripe, and Mastercard may see heightened regulatory scrutiny overall as a result of Libra membership.
“If you take this on, you can expect a high level of scrutiny from regulators not only on Libra-related payment activities, but on all payment activities,” they wrote.
Libra image via Shutterstock
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
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- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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