Coinbase CEO accuses Senate of being ‘un-American’ over Libra

Coinbase CEO Brian Armstrong has accused US Senators of being ‘un-American’ over their scrutiny of Facebook’s Libra Foundation.

The past few weeks have seen a number of Libra’s top advocates including PayPal, eBay and Mastercard pull out of the project.

Last week, senators Schatz and Brown sent public letters to the CEOs of Stripe, Mastercard and Visa over their participation in Libra.

One of the letters read: “Facebook is attempting to accomplish that objective by shifting the risks and need to design new compliance regimes on to regulated members of the Libra Association like your companies. 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.”

Libra has fallen under intense scrutiny from the Senate and regulators this year, with concerns being raised over the potential threat to the US Dollar and the decision to base the company in Switzerland.

And now, Coinbase’s CEO has publicly criticised the Senate in a series of tweets.

Armstrong wrote: “Something feels very un-american about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.”

Facebook CEO Mark Zuckerberg will testify before the House of Representatives on October 23 in regards to the Libra Foundation.

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