“It’s not a shock to me that inevitably firms are going after creating their very own tokens however for Fb to be one of many first large ones is is just about a shock,” mentioned Lukka CEO Jake Benson advised us when information of Libra started to unfold. The world shared his shock when Facebook unveiled its wild cryptocurrency goals final month. However that shock shortly became concern and condemnation as politicians began interested by what it meant for a corporation to run its personal mint.
Fb’s response to the hearings was additionally stunning. The usually-reticent social media big despatched their finest fighter – Libra co-creator David Marcus – into the ring to defend the foreign money and the battle raged for 2 days because the U.S. Congress and Senate took turns citing their issues.
The end result? A stalemate… for now.
“I agree with you that this must be analyzed understood and the right oversight must be arrange earlier than Libra can launch,” mentioned Libra’s David Marcus. “That is my dedication to you: we are going to take the time to get this proper.”
On this video we discover Fb’s Libra and the drubbing it acquired in entrance of Congress and Senate. As a result of Libra seems to be like the primary company cryptocurrency, regulators and politicians are out for blood and Fb is able to parry each assault. How will it finish? Watch and discover out.
Picture through Home Monetary Providers Committee