Facebook Libra’s stablecoin project is required to fulfill Anti-Money Laundering (AML) and terrorism financing standards, at the highest levels, in order to be approved. 

Specifically, as reported by Reuters on September 10, Sigal Mandelker – U.S Treasury Under Secretary of Terrorism and Financial Intelligence – claimed that not only Libra, but whichever digital coin wishes to functionally operable within the US soil need to comply with standards concerning regulations. 

Libra has been gathering rather negative remarks from different financial regulators across the globe. Talking at the ECB legal conference, Yves Mersch – European Central Bank’s key legal official – reportedly deemed the stablecoin project charming but “treacherous”.

In the meantime, officials from the US House of Representatives have traveled on a trip to Switzerland to discuss crypto-related matters, which particularly concentrates on the upcoming Facebook Libra stablecoin project, which turned out to be a fail attempt at alleviating their worries regarding the Libra project. 

Facebook has also put in extensive efforts, regarding their lobbying activities, to get regulators in the US on their good side. FS Vector lobbying firm was hired, along with a 2 newly-onboarded lobbyists.