The Facebook Libra Coin Project and Congress
The last two days have been a bit of a whirlwind for the Facebook Libra coin project. The proposed cryptocurrency project (with critics who argue that it is a centralized currency posing as a cryptocurrency) and its leaders were under significant pressure by congressional representatives.
David Marcus, the executive in charge of the Facebook controlled Calibra company, mentioned that the company would work with regulators in the launch of their currency and implied that work on the project would go on.
This is an importance distinction due to the fact that lawmakers were calling for a full halt of the Facebook Libra coin project.
The cool headed, reserved, and calm executive of the Facebook Libra coin project stated to a representative of Congress “I agree with you that this needs to be analyzed and understood before it can be launched … and this is my commitment to you. We will take the time to get this right”.
This verbiage indicates the Facebook Libra coin project’s leaders to move forward with the Facebook libra coin project despite calls for a full halt.
David Marcus and his “and” stance on movement of the Facebook Libra coin project and interfacing with regulators is not something that is surprising.
Facebook’s move fast and break things approach is quite likely why it has staying power and continues to be a formidable social media giant and tech company.
The Facebook Libra coin project is not the first time that its leaders have been under pressure by members of Congress. In many instances the tech giant has talked with members of Congress in a similar manner. They’ve been present, answered pressing questions in an abstract but compliant manner while slightly modifying operations.
Instead of making specific commitments to Congress, David Marcus reiterated his interest in cooperating with regulators to move the project forward.
Thoughts on the Facebook Libra Coin Project
The Facebook Libra Coin Project is interesting because it pushes for further clarity and regulation in the blockchain and finance sector. It dives deeper into questions like what is a currency and what is an investment? Is the Facebook Libra Coin Project an investment like an ETF of a basket of currencies or is it money backed by fiat and debt?
Facebook’s intention is to move forward while seeking permission, regulators are thinking about how exactly they would give permission and potential users of the Facebook Libra coin project have to wonder if they want to get into an even more serious relationship with Facebook and big tech.