Technology geniuses have come up with a lot of great ideas, that’s for sure. And while we should all pay our respects to them for making our lives more fast-paced, more connected and more insomniac, let’s note that they are not always smart about everything.
But if the company thought the world would embrace Libra with welcoming arms, it’s had a rude awakening. This week in Washington, D.C., Marcus was brought before two congressional committees — and got roasted. Representative Maxine Waters said Libra would “wield immense power” and send governments and central banks into a tailspin.
Granted, it’s easy to frame this reception as a case of the Old Guard defending its turf against a company that’s smarter and faster than they are. But for a bunch of reasons, it’s just not that simple. The naysayers have a point. Then there’s the potential for criminal activity — another issue lawmakers have focused on. Facebook says it will ensure compliance with applicable laws and regulations, but it still hasn’t produced a charter and wants to do so in consultation with, well, everybody else. But given the global scale of the project, and the number of stakeholders that would be involved, how feasible is that, really?
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