Senators Alert Payment Processing Companies Regarding Cryptocurrency Libra

By John Heerdink LinkedIn

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Their mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive.  Their advanced global processing network, VisaNet, provides secure and reliable payments around the world and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying its brand, products, people, network and scale to reshape the future of commerce.

As per reports, Two Senate Democrats Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii are persuading payment processing companies Visa Inc., Mastercard Inc., and Stripe Inc to reconsider their involvement with Libra, a cryptocurrency project conceived by Facebook in collaboration with other 27 companies.

The senators claimed that Libra Association has been failing to provide details on the organization’s management and risks and poses a threat to global financial systems along with uncertainties in companies’ broader payments business.

Brown, the senior Democrat on the Banking Committee, and Schatz, a panel member, mentioned in a letter “Congress, financial regulators, and potential Libra Association member companies have struggled to get sufficient details from Facebook about risks that Libra may pose, including facilitating criminal and terrorist financing, destabilizing the global financial system, interfering with monetary policy, or exposing consumers to risks currently limited to accredited investors.” as reported.

The senators added, “Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control.”

Visa Inc, Mastercard Inc, and Stripe Inc remained unavailable for comments.

To learn more about Visa (V) and to track its ongoing progress please visit the Vista Partners Visa (V), Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Senators Caution Mastercard, Visa, Stripe on Libra Membership in Bloomberg)


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