EVERYONE WANTS FACEBOOK'S LIBRA TO BE REGULATED. BUT HOW?

Libra

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Apr 6, 2019
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Everyone from President Trump to Representative Maxine Waters (D-California) says Libra, Facebook's planned cryptocurrency, should be heavily regulated. But nobody seems to know how—including Facebook.

That much was clear in the often muddled questions of legislators who hauled in Facebook executive David Marcus to testify this week, as well as in Marcus’ frequent deflections. The issues raised are fundamental: Is Libra money? Facebook sure thinks it is, but the Securities and Exchange Commission is mulling whether it’s more like an investment, subject to strict rules. Is the Libra Association, which will manage the coin from Switzerland, a bank? Facebook says nay, though the Financial Stability Oversight Council is looking into whether it could be too big to fail. Federal Reserve Chair Jerome Powell candidly cops to a lack of regulatory know-how in handling Facebook’s proposed global financial network. “There isn’t any one agency that can stand up and have oversight over this,” he told senators last week.

https://www.wired.com/story/everyone-wants-facebooks-libra-regulated-but-how/
 

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  • Facebook Libra Coin is built on an open-source blockchain called the Libra Blockchain featuring its own proof-of-stake protocol. Backed by a reserve of various assets designed to give it intrinsic value, it is governed by the independent Libra Association tasked with evolving the ecosystem. Facebook teams played a key role in the creation of the Libra Association and the Libra Blockchain, working with the other Founding Members. While final decision-making authority rests with the association, Facebook is expected to maintain a leadership role through 2019. The Libra mission is to reinvent money and transform the global economy so people everywhere can live better lives.

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