Libra Association's Crypto Members Remain Unfazed by Regulatory Backlash

According to sources close the Libra Association, that was to be expected.

The Financial Times reported last week that two unnamed members of the Libra Association were considering pulling out of the project, citing the harsh glare of the "Regulatory spotlight."

Follow-up reporting by CoinDesk has found that the Libra Association's crypto contingent - Coinbase, Xapo, Anchorage and Bison Trails - remains publicly optimistic about the project.

Both Andreessen Horowitz and Union Square Ventures - the two venture capital firms in the Libra Association most closely associated with blockchain investing - confirmed to CoinDesk that they remain committed to the project.

The CEOs of alternative banking company Xapo and blockchain infrastructure startup Bison Trails both confirmed that they are Libra members with no intention of leaving.

"The team believes in the mission of Libra and is proud to be a Founding Member of the Libra Association. They are confident that the Association and its members will work through regulatory concerns and look forward to continued conversations with policymakers."

While some companies may be considering leaving, a source close to the Libra Association told CoinDesk that many more have expressed interest in joining, despite the regulatory uncertainty.

Members pay at least $10 million to join, getting in return a Libra investment token that entitles them to a share of the interest generated by the massive pool of fiat currencies and low-risk assets that back the blockchain's stablecoin.

A source with knowledge of the matter said Facebook and other Libra Association members are currently working toward ratifying the non-profit's charter.

A report from Bloomberg Law suggests the Libra Association may begin a new phase of public messaging.