Critics pounce as Facebook’s Libra stumbles

Facebook’s ambitious plan to launch a global virtual currency is faltering under growing skepticism from business partners, politicians and financial regulators.

As the founders of Project Libra move toward a planned 2020 launch, crucial financial industry backers have bailed on the cryptocurrency system as Facebook faces rising threats from Washington.

Facebook’s critics across the political spectrum were elated after Mastercard, Visa, eBay, Stripe and PayPal all pulled out of the virtual currency project this month. The crushing departures occurred just days before the Libra Association formalized its structure in Geneva on Monday.

Several Trump administration officials and lawmakers have grown increasingly concerned with Facebook’s immense market power and global reach. The project has also raised alarms among financial regulators, who urged the company to tread carefully or risk a federal crackdown.

While Libra’s founders insist they will wait for Washington’s green light before launching, the company’s critics are pouncing to stop the project in its tracks.

Facebook CEO and founder Mark Zuckerberg will appear on Fox News on Friday for an interview amid calls from Democrats for his platform to pull ads created by the Trump campaign targeting former Vice President Joe Biden.

Fox News representatives confirmed in a press release Wednesday evening that the Facebook CEO would make his first appearance on the network, where he is expected to address criticism of Facebook’s policy allowing politicians to run ads on the platform that are found to be misleading.