Cryptocurrency News Today: Libra’s Ranks Shrink Again as Crypto Group Appoints a Board

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Cryptocurrency News Today: Libra’s Ranks Shrink Again as Crypto Group Appoints a Board

Libra could use a return to balance. Even by Facebook standards, it’s been a tumultuous few weeks for the company’s nascent Cryptocurrency effort. First came the departure of PayPal, the old haunt of Facebook Blockchain guru David Marcus, from the Libra Association, the group that plans to administer the Cryptocurrency. Then came six other defections, including Visa and Mastercard—and, Monday morning, Priceline owner Bookings Holdings. Adding salt to the wound, Facebook’s new fintech subsidiary, Calibra, was slapped with a lawsuit last week over its logo, which bears a suspicious resemblance to another fintech’s look.

On Monday, the remaining members of the Libra Association held their first meeting in Geneva. If they were in search of clarity, they appeared to gain little.

The association said it had agreed on an “interim” articles of association. The document is light on details, apart from the basic mechanics of how the group will operate, like the board structure and how voting will work. It named five people to the association board, including Marcus and Andreessen Horowitz general partner Katie Haun, who will help steer the ship from here. The board notably lacks any true competitor to Facebook in either social media or finance. After the recent departures, the association had just one payments company to draw from: PayU, the Naspers-owned firm that primarily operates in developing nations.

In a statement, the association said it would “begin the important process” of setting up governance and policy structures. In other words, the hard stuff. From the moment Libra was announced in June, regulators have been demanding to know how the network will be policed and what role it will play in global finance. In the interim, the document notes that “any member may leave the association for any reason.” The seven who departed did not wait for the association’s blessing.

The document does not mention whether the members had committed to investing $10 million to fund the association, as initially planned. The Libra Association did not respond to questions about the payments or when a final charter could be expected.

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