How Meta’s Crypto Project „Libra“ Was Killed

Notable follow-up regarding VISA:

„I can confirm Dem leaders called Visa with similar messages. Our crypto team had to backtrack our support.

There were plenty of critiques of how Libra might work but the fact that the experiment was not allowed to move forward was a huge step backwards for the USA.“

https://x.com/terryangelos/status/1862709106286702895

Some more context by Balaji:

https://x.com/balajis/status/1862742070362087616

I’m not sure how the marketplace of ideas is really supposed to transact, but it seems like the conversations are too isolated. I’m not pro crypto, and maybe I should be! But I am zero surprised that parts of the government are against it, and the discourse around it is so detached. Maybe we should have public hearings?

But you sort of have one side obfuscating their arguably nefarious actions, and then another side largely going “trust me, bro”.

FTX showed on a smaller scale the crypto could get itself interwoven with the traditional economy in ways that could lead to a 2008 style crash, and nothing crypto does has led me to believe they really care.

Maybe we should have more Crypto, but we should go into it with eyes open to the fact that the creators envision a much more libertarian culture than most people are comfortable with.