Posted 2 years ago | by Ben Armstrong
Anthony Pomplaino, the co-founder and co-partner of Morgan Creek Digital, was on the Squawk Box on CNBC on Monday morning. Pomplaino discussed Facebook's Libra project, the social media's cryptocurrency project.
Over the weekend, there were more companies who withdrew from the Libra Association membership. MasterCard, Visa, Ebay, and Stripe and Mercado Page joined PayPal in withdrawing from Libra.
Letter sent by two senators to these companies with strong phrasing that indicated if the companies didn't withdraw from Libra, the Senators would come after those companies. "The sad part is that this [action]" Pomplaino said on Squawk Box, "essentially kicks out American companies."
This significant exit comes as two huge dates loom for the Libra Association. The first date is October 14 which is the first official day Libra Association members will meet officially in Geneva. The second date is October 23, when Facebook's Mark Zuckerberg will testify before Congress on behalf of Libra Association.
Libra has faced a lot of criticism as Congress and World Leaders apply pressure with their concerns. Those concerns include Facebook user safety and privacy. Facebook's 2.7 Billion users would have access to Libra; concerns have been raised about financial risks, money laundering and more.