[Analysis] A Monumental Fight Over Facebook's Cryptocurrency Is Coming - Michael Casey

The reaction from lawmakers to Facebook's Libra project was remarkably fast given how slowly they have typically taken to understand and respond to other cryptocurrency projects, notes Michael Casey. In this piece, Casey explains the monumental political and legislative battle that is brewing over the ambitious Libra project. Regardless of the launch partners and Switzerland-based Facebook subsidiary, Libra Association, Casey argues that for lawmakers, "the buck stops with Zuck." Mark Zuckerberg gives lawmakers the greatest leverage in limiting the development of this project. Casey also compares these developments between Washington and Libra to a similar call to halt Bitcoin development, which seems nearly impossible to execute. Casey concludes with:

"We should all wish them success in trying to convince policymakers that an open-system to global financial transactions is important. [...] But, by the same token, we must be vigilant against corporate power that could easily convert this important project into something more sinister. Facebook’s own history is a reminder of the risks we face."