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Senators Caution Mastercard, Visa, Stripe on Libra Membership

Oct. 9, 2019, 2:16 AM

Two Senate Democrats are urging three payment processing companies to reconsider their involvement with the Libra cryptocurrency project envisioned by Facebook Inc. and a coalition of other groups.

Libra poses risks not only to global financial systems, but also to the companies’ broader payments business, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii said in letter on Tuesday to Visa Inc., Mastercard Inc. and Stripe Inc.

In the letter, the lawmakers cited news reports on the difficulty some of Libra Association members have faced in obtaining details on the organization’s management and risks.

The association is ...

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