The fintech news of the week was, of course the departure of the major payment processors including Visa, Mastercard and Stripe from Facebook’s Libra project.  The news followed on the high profile departure of PayPal from the venture the week before.  The news, which has been all over the place, can be found here.

I think it’s particularly telling that firms are dropping out of Libra before, not after, the upcoming Congressional hearings. At a minimum, it suggests how they think the hearings will go–and what the scrutiny could mean for their existing business lines.

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