Facebook's Libra project unravels further as US lawmakers urge Visa and Mastercard to quit

Two Senate Democrats have reportedly urged Visa, Mastercard and Stripe to reconsider their involvement with Facebook's Libra cryptocurrency project. According to Bloomberg, Senator Sherrod Brown of Ohio and Senator Brian Schatz of Hawaii wrote to the 3 firms warning that their involvement poses risk to the global financial system and to the firms themselves. On Tuesday, PayPal became the first company to leave the Libra Association, the group of companies who hope to roll out the cryptocurrency by June 2020. Facebook, Visa, Stripe, Mastercard and the Libra Association did not immediately respond to Business Insider's request for comment. Visit Business Insider's homepage for more stories. Facebook's Libra cryptocurrency project is beginning to unravel. First Bloomberg reported that Mastercard, Visa and Stripe are being urged to reconsider their involvement with the project. Then The Telegraph reported that Facebook Libra group head Simon Morris had left in August, confirmed by Morris' LinkedIn profile.See the rest of the story at Business InsiderNOW WATCH: Jeff Bezos is worth over $160 billion — here's how the world's richest man makes and spends his moneySee Also:Facebook’s cryptocurrency push takes a big hit as PayPal cuts ties with LibraApple CEO Tim Cook just took a not-so-subtle shot at Facebook's decision to create a cryptocurrency, saying companies 'shouldn't be looking to gain power this way'Facebook denies there’s ‘angst’ about its Libra cryptocurrency plans amid reports partners like Visa and Mastercard might pull outSEE ALSO: Facebook's key partners on its cryptocurrency Libra are refusing to publicly support it