Facebook’s Libra backers reportedly looking to cut ties with cryptocurrency

At least three early backers of Libra, a cryptocurrency Facebook unveiled plans for earlier this year, are discussing ways to distance themselves from the project, the Financial Times reported Thursday. The move stems from intensifying regulatory scrutiny of the digital currency, FT said.

Facebook and 27 partners unveiled plans for Libra in June. Since then, the social media giant has faced pushback from lawmakers who worry that the cryptocurrency will be abused by criminals and that it could hurt the US dollar.  The EU is also reportedly investigating whether the new digital currency could unfairly shut out rivals. The social network has said it won’t launch the cryptocurrency until…