Despite regulatory criticism, the social media giant has decided to move ahead with its crypto project. Earlier MasterCard, Visa eBay, and few others dropped out from Libra Association. The association started with 27 members, but now it only has 21. The governing body of Facebook’s stablecoin held its inaugural meeting in Geneva, Switzerland today.

Dante Disparte, head of policy and communications for the Libra Association, said that “it is a correction; it’s not a setback,” referring to dropping out of major members. All global payments backers pulled the plug last week except Netherland-based PayU. And now, most of the remaining members of the Libra Association consist of venture capital firms.

The Members Elected Five People To Serve On The Board

CEO of Facebook, Mark Zuckerberg, is scheduled to appear in front of the House Financial Services Committee later this month to discuss Facebook’s stablecoin. According to the Reuters report, at the meeting, members agreed interim articles of association laying out how the organization will be governed as per Swiss law.

The members elected five people to serve on the board, including Calibra head David Marcus as well as representatives from PayU, Andreessen Horowitz, blockchain company Xapo Holdings Limited and non-profit Kiva Microfunds.

Earlier today, United States Treasury Secretary Steven Munchin said that the backers of Libra dropped out from the project because the social media giant’s Anti-Money Laundering standards were not up to par.