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Facebook's David Marcus during a House Financial Services Committee hearing in July. Photo: Bloomberg
Policy Facebook Crypto

Facebook Struggles to Respond to Regulators, Lawmakers on Libra

Photo: Facebook's David Marcus during a House Financial Services Committee hearing in July. Photo: Bloomberg

The companies recruited by Facebook to oversee its cryptocurrency are slated to meet in Geneva on Monday amid mounting questions about the project. Five high-profile corporate partners in Libra dropped out on Friday, the latest blow to the initiative that has faced skepticism from the start from authorities around the world. 

Adding to the doubts surrounding the cryptocurrency, people familiar with the matter said, has been Libra’s shaky rollout on Capitol Hill. For months, these people said, the team heading Libra failed to adequately explain how the project would be run or who would be held responsible in the event significant regulatory or legal issues arose.

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