Libra’s embattled chief David Marcus has said that the project is “absolutely not” in jeopardy following the departure of seven backers of the Libra Foundation last week. Speaking to Yahoo Finance, Marcus stated that there had been “no change” in the project’s aims, praising the companies that had chosen to remain in their “passion and energy and fortitude”, and said the project was on the lookout for new members.
1,500 “Entities” Waiting to Join Libra Association
The Libra Association, with its 21 remaining members, was officially founded in Geneva, Switzerland on Monday. Marcus will sit on the board, alongside representatives from several of the founding companies, with another 1,500 “entities” interested in joining the association, according to Marcus, with 180 having passed the preliminary membership criteria. Unsurprisingly he didn’t speak ill of the seven companies that quit the project, including eBay, PayPal, Stripe, Visa, and Mastercard, saying that he respected their “courage to look at potentially disrupting themselves” but that he understood their responsibilities to their shareholders and stakeholders. As per the whitepaper, Libra’s goal is to have 100 members in place within the first half of 2020.
Marcus Set to Face Questions in Congress
In a reminder of the regulatory hurdles still yet to be cleared, Marcus also stated his belief that “it’s going to get harder before it gets easier”, which could well turn out to be an understatement. He and Facebook CEO Mark Zuckerberg are due to testify before the House Financial Services Committee next Wednesday at the urgent request of Chairwoman Maxine Waters to discuss the “risks and benefits of cryptocurrency-based activities and explore legislative solutions.” However, Marcus added in the interview that the backers did not leave off the back of concerns that Facebook could clear the necessary regulatory hurdles, contrary to the views of U.S. Treasury Secretary Steven Mnuchin, who told CNBC that “some of the partners got concerned and dropped out” over such issues.