Simon Morris, who was the head of product for the Libra Association, the governing body that would oversee Facebook’s proposed crypto, is gone.
It is just one more thing in a string of bad news for the beleaguered project.
Morris was one of the few known members of the Libra Association, a Geneva-based non-profit set up to govern the network for Facebook’s planned stablecoin slated to launch in 2020.
He was only serving on an interim basis and will not be replaced until the association finds a permanent managing director, an unnamed source told CNBC. Currently, Libra Association Chief Operating Officer Bertrand Perez is acting as interim managing director, the source said.
Libra is technically an association initially backed by 28 founding members, although Facebook has a leadership role until the end of this year. Each of the companies involved had to pledge $10 million to join.
According to the Libra whitepaper, the purpose of the Libra Association is to “coordinate and provide a framework for governance for the network and reserve and lead social impact grant-making in support of financial inclusion.”
Last week payments giant PayPal dropped out of the association, the first company to do so. Visa and Mastercard are also getting cold feet, as regulators continue to poke and prod the project.
Coming up next, Libra Association members are scheduled to meet in Geneva on Oct. 14, to discuss key details of the project and appoint a board of directors.
On Oct. 23, Facebook CEO Mark Zuckerburg will testify before Congress in a hearing called “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” to answer questions about the Libra project.
Amy Castor has more than 20 years of experience in journalism and mass communications. In the last several years, she has gotten particularly interested cryptocurrencies, blockchain technologies and other evolving forms of payment. Her work has appeared in consumer and trade publications throughout the U.S., including CoinDesk, Forbes, and Bitcoin Magazine. She is now the editor of ATMmarketplace.com and WorldofMoney.com