Preston Byrne & Jake Chervinsky on Regulating Libra
Download Episode MP3 File
The file will open in a new window. Click down arrow to download the file.
Location: New York
Date: Thursday, 25th July
Project: Byrne & Storm and Compound Finance
Role: Partner & General Counsel
Shortly after Facebook announced the launch of Libra, the U.S government hauled David Marcus, the head of the proposed currency, in front of Congress. For two days, Marcus answered tough questioning from both The House and The Senate on everything from Libra’s intentions to Facebook’s previous issues such as Cambridge Analytica.
Quite predictably, the creation of a new global currency was seen as a threat to the Dollar and was met with hostility by large parts of Congress, but was this part of Facebook’s plan? Are they using and audacious initial proposal as a way of shocking Congress before ‘revisiting’ the proposal and easing the regulatory path?
Or, is Facebook using cryptocurrency and blockchain under the guise of ‘innovation’ as a shield against harsh regulation, well aware of the government’s fear that China controlled WeChat and Alipay could weaken the position of the Dollar?
Why is Facebook launching this project? With Facebook, active users dropping rapidly has the novelty of the social network worn off and is this just a pivot to stay relevant and maintain control?
For the next episode in my Libra Deep Dive I talk to Preston Byrne & Jake Chervinsky about the regulatory side of Libra. We discuss whether Libra is a security, if the Foundation is really a non-profit and whether Libra is even a cryptocurrency.
SUPPORT THE SHOW
If you enjoy The What Bitcoin Did Podcast you can help support the show my doing the following:
Become a Patron and get access to shows early or help contribute
Make a tip:
Leave a review on iTunes
Share the show and episodes with your friends and family
Subscribe to the newsletter on my website
Connect with Jake:
Connect with Preston:
Mentioned in the interview:
Other relevant WBD podcasts:
A big thanks to my WBD Maximalist Patrons for helping support the show: JP Petit, Logan Shultz, Seb Walhain, Steve Foster, Tony, Gordon Gould, David Burlington, Jesse Powell, Bitcoin Tina, BitHyve and Wiel Menger.