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Facebook's cryptocurrency project Libra. Photo: Fabrice Coffrini/AFP/Getty Images

PayPal dropped out of Facebook's digital currency project Libra on Friday, the Wall Street Journal reports.

Why it matters: Facebook’s cryptocurrency plans have come under scrutiny from regulators across the globe. Now, some of its provisional partners appear to be having second thoughts.

Background: Earlier this week, the Wall Street Journal reported that Visa, MasterCard and others were reconsidering their positions in Libra, but Facebook still plans to forge ahead.

  • Representatives from the companies are scheduled to meet in Geneva on Oct. 14 to review a charter for a group called the Libra Association, a collection of more than 2 dozen backers, and appoint a board of directors.

The impact per WSJ: "Without a network of financial partners that could help transfer currencies into Libra and global retailers to accept it as a form of payment, Libra’s reach would be limited."

What they're saying:

David Marcus, Facebook executive leading the Libra effort and former president of PayPal, defended the cryptocurrency-based payments network on Wednesday in a Twitter thread, calling WSJ's initial reporting "BS":

"The tone of some of this reporting suggests angst, etc... I can tell you that we're very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront."

Dante Disparte, head of policy and communications for the Libra Association:

"We recognize that change is hard, and that each organization that started this journey will have to make its own assessment of risks and rewards of being committed to seeing through the change that Libra promises."

PayPal: "We remain supportive of Libra’s aspirations and look forward to continued dialogue on ways to work together in the future. Facebook has been a longstanding and valued strategic partner to PayPal, and we will continue to partner with and support Facebook in various capacities."

Go deeper: Facebook spoils the cryptocurrency party

Go deeper

Bipartisan tributes flood in for "giant of the Senate" Bob Dole

Republican presidential candidate Bob Dole, left, and Sen. Chuck Grassle (R-Iowa) look out into the crowd at a "Dole for President" rally at Hy-Vee Foods corporate office in Des Moines on April 13. Photo: J. DAVID AKE/AFP via Getty Images

Republican and Democratic politicians, including former Senate colleagues, are sharing condolences and memories commemorating the life of Bob Dole, who passed away at 98 on Sunday morning.

The big picture: Dole, the Republican presidential nominee in 1996, was the longest serving Republican leader in the Senate until 2018, when current Senate Minority Leader Mitch McConnell surpassed his record,

Former Sen. Bob Dole dies

Former Sen. Bob Dole in 2019. Photo: Tom Brenner/Getty Images

Former Kansas Sen. Bob Dole passed away Sunday morning at the age of 98, the Elizabeth Dole Foundation announced in a statement.

Driving the news: Dole, a revered figure in U.S. politics and the Republican presidential nominee in 1996, served in the Senate for 27 years, including 11 years as GOP leader. Earlier this year he revealed he had been diagnosed with stage 4 lung cancer.

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.