Given how slowly Washington lawmakers have taken to devise a coherent, informed view of cryptocurrency, the Chair of the House Financial Services Committee’s rapid leap to action last week over Facebook’s ambitious Libra project was remarkably fast.
Facebook’s new digital currency has the potential of becoming a worldwide currency, Tally CEO Jason Brown said on CNBC.
“It literally threatens the governments that issue currency, the banks that store it and the actual transmission network,” said Brown, co-founder of the automatic debt payment and financial savings app. While Libra will be run by a nonprofit association supported by a range of companies and organizations, Facebook will operate Calibra, a digital wallet for storing and exchanging the digital coin.
“People don’t understand how disruptive this could be if it really takes off,” Brown said in an interview on CNBC’s “Squawk Alley. ”
Yet unlike with Bitcoin, representative in Congress can directly identify and talk to the people in charge of the Libra project. They can subpoena them and, thus, pressure them.
Now, imagine a Congressional leader calling for a halt in bitcoin development. Who exactly are they going to pressure to end an open-source project involving millions of globally spread mostly unidentifiable developers, miners and users?
This distinction – between one project with a single, identifiable authority figure and another whose governance is distributed and leaderless with a founder who has never revealed their identity – goes to the heart of a crypto community critique that the social media giant’s initiative is not censorship resistant.
Welcome to the wonderful world of complexities in the 4th Industrial revolution (IR 4.0)
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