Senators Warn Visa, Mastercard to Think Twice About Joining Facebook’s Cryptocurrency Scheme

Senators Warn Visa, Mastercard to Think Twice About Joining Facebook’s Cryptocurrency Scheme

As anxieties mount over Facebook’s plan to launch a cryptocurrency called Libra, Capitol Hill lawmakers are facing increasing pressure to intercede. This week, that intervention has taken the form of ominous letters by Democratic members of the powerful Senate Banking Committee, who warn payment service companies to “expect a high level of scrutiny” if they take on the risks of Libra.