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Libra Association’s Head of Product quits within just five months

Thu, 10 Oct 2019, 11:09 am UTC

The Libra Association, the governing body of Facebook’s planned cryptocurrency Libra, lost its head of product within five months, a report from Cointelegraph has revealed.

Simon Morris, who previously served at BitTorrent, left his position as the head of product at the Libra Association in August 2019. He had joined the project in April.

Following an initial stint at BitTorrent for nearly 9 years, Morris re-joined the firm in November 2017 as Chief Strategy Officer and led the design and development of a cryptocurrency project integrated deep in the BitTorrent protocol.

“The work led directly to acquisition discussions which culminated in the acquisition of BitTorrent by TRON in May 2018. The crypto project lives on and is being brought to market under the name "Project Atlas," according to the description on Morris’ LinkedIn page.

Morris’ departure from the project was followed by PayPal’s recent decision to discontinue its involvement.

The Libra project has attracted a lot from scrutiny from regulators all across the globe ever since Facebook officially unveiled the project in June this year. The regulatory pushback has reportedly led a number of member firms of the Libra Association to reconsider their participation.

U.S. lawmakers have even started to build pressure on the member firms of the Libra Association to reconsider their involvement, threatening them with increased oversight in their non-blockchain businesses.

Facebook CEO Mark Zuckerberg is going to testify on the Libra project before the House Financial Services Committee on October 23.

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