Booking Holdings Abandons Facebook Libra Project


Booking Holdings has become the latest in a series of companies that have abandoned the project, leaving the Libra Facebook Association with 21 founding members of the initial 28 organizations.

October 15, 2019, | AtoZ Markets Booking Holdings, which stands behind the travel websites booking.com, agoda.com, priceline.com, and Kayak, among others, became a founding member of the Libra Association in June. In August, Glenn Fogel, CEO of Booking Holdings, said he believes blockchain-based currencies will continue to grow and may become more popular.

Booking Holdings Leaves Facebook Libra

The most famous online travel agency, Booking Holdings, will withdraw support from the Libra Association. Booking Holdings is one of the companies that have declared their participation in the Libra project. Booking Holdings’ decision to leave the association seems to be due to the regulatory risk of the Libra project.

Previously, PayPal, Stripe, Visa, and MasterCard withdrew their participation due to regulatory risks. Treasury Secretary Stephen Mannusin stated that the withdrawal of Visa, Mastercard, eBay, and Stripe from the Libra Association is because of Libra’s inadmissibility.

Facebook CEO Mark Zuckerberg will be testifying before the House of Representatives Financial Services Committee on October 23. Announcing the meeting, Congresswoman Maxine Waters referred to the “Keep Big Tech Out of Finance Act”. This act aims to prohibit large technology companies from obtaining a license as financial institutions in the United States.

Previously, the CEO of Calibra wallet David Marcus testified before the House Financial Services Committee and the Senate Banking Committee regarding the development of Libra and its characteristics. Marcus said that Facebook intends to comply with the US Financial Crimes Enforcement Network in distributing Libra.

However, some lawmakers appeared Marcus’ statements with skepticism and concern. Earlier today, US Treasury Secretary Steven Mnuchin attributed the recent wave of companies abandoning the Libra project to regulatory matters. Yet some industry stakeholders believe that policymakers have put pressure on companies to leave the project.

The association should be more stable in the future, and the remaining 21 members still have considerable clout. However, this is probably not the way Facebook envisioned the progress of the Libra. And this is before it faces some of its most ferocious government reviews.

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