A coalition of consumer advocacy groups urged the 28 members of the Libra Association to quit the cryptocurrency initiative led by Facebook Inc. due to concerns over the social-media giant's reputation.

"Facebook is eager to present itself as just one voice of many in the Libra Association," the group, led by an activist think tank called Open Markets Institute, wrote in a letter dated July 18. "No one is fooled by this subterfuge."

The coalition expressed concerns about Facebook which has "generated a climate of fear with its market dominance," the letter said. "But if you collectively withdraw from the project, it will signal that the just-beginning era of digital money will be based on fair rules and democratic deliberation, and not intimidation by the powerful."

Facebook defended Libra in congressional hearings this week, saying plans won't move forward until it has "fully addressed regulatory concerns and received appropriate approvals."

 

Write to Steven Russolillo at steven.russolillo@wsj.com

 

(END) Dow Jones Newswires

July 19, 2019 02:40 ET (06:40 GMT)

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