---
title: "Backers for Facebook’s Libra Cryptocurrency May Jump Ship"
description: "Things aren’t looking great for Libra, Facebook’s foray into the world of cryptocurrency. Multiple high-profile backers that invested in the project are having second thoughts, and some are considering backing out of the project altogether, according to CoinDesk. Faced with increasing scrutiny and pressure from American, European, and other regulatory bodies, the backers […]"
date: "2019-08-23"
modified: "2019-08-23"
authors:
  - name: "Dan Robitzski"
    link: "https://futurism.com/authors/danrobitzski"
url: "https://futurism.com/the-byte/facebook-libra-cryptocurrency-jump-ship"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "cryptocurrency"
  - "facebook"
  - "libra"
  - "the digest"
---

# Backers for Facebook’s Libra Cryptocurrency May Jump Ship

![Backers for Facebook's Libra cryptocurrency are reportedly considering pulling their support in the face of increased scrutiny and regulation.](<https://futurism.com/wp-content/uploads/2019/08/facebook-libra-cryptocurrency-jump-ship.jpg>)
*\<em\>Image: Victor Tangermann\</em\>*

## Crypto Bubble

Things [aren't looking great](<https://futurism.com/the-byte/finance-libra-facebook-downfall>) for Libra, Facebook's foray into the world of cryptocurrency.

Multiple high-profile backers that invested in the project are having second thoughts, [according to *CoinDesk*](<https://www.coindesk.com/tensions-rising-at-facebook-libra-as-backers-consider-quitting-report>), and some are considering backing out of the project altogether. Faced with increasing [scrutiny and pressure](<https://futurism.com/the-byte/senator-facebook-crypto>) from regulatory bodies in the United States, Europe, and elsewhere, *CoinDesk* suggests that the backers are faced with the difficult choice to either support Facebook's project or comply with financial regulations.

## Mouth, Meet Money

A combination of pressure from financial regulators plus the looming [threat of antitrust probes](<https://futurism.com/elizabeth-warren-shares-plan-to-break-up-facebook-google-amazon>) into Facebook have made [Libra investors](<https://futurism.com/facebook-libra-cryptocurrency>) antsy, *CoinDesk* reports, citing a *[Financial Times ](<https://www.ft.com/content/05be7adc-c4c1-11e9-a8e9-296ca66511c9>)*[report](<https://www.ft.com/content/05be7adc-c4c1-11e9-a8e9-296ca66511c9>) that quantified but didn't name the investors considering pulling their support.

"It's going to be difficult for partners who want to be seen as in \[regulatory\] compliance," a spokesperson of one of the investing companies told the *FT*. The spokesperson was disappointed that Facebook didn't proactively address regulatory issues before announcing Libra, suggesting that the project would have gone more smoothly if it had.

**READ MORE:** [Tensions Rising at Facebook Libra as Backers Consider Quitting: Report](<https://www.coindesk.com/tensions-rising-at-facebook-libra-as-backers-consider-quitting-report>) \[*CoinDesk*\]

**More on Libra:** *[Facebook Is Having Trouble Fighting Scams About its own Altcoin](<https://futurism.com/the-byte/facebook-libra-scams>)*

## Author
Dan Robitzki is a senior reporter for Futurism, where he likes to cover AI, tech ethics, and medicine. He spends his extra time fencing and streaming games from Los Angeles, California.

### Author social links  
[Twitter](<https://x.com/danrobitzski>)