Rumblings about discomfort with regulatory scrutiny and hostile open letters from US senators to Libra Association members turned into the mass defection of payment industry partners like PayPal, Visa, MasterCard and Stripe.
Determined to press on, the Libra Association formally launched with a newly trimmed 21 member group (while claiming that many more were interested).
The biggest event in Libra’s month was yesterday’s marathon grilling of Facebook CEO Mark Zuckerberg by the House Financial Services Committee. For many in Congress, the biggest issue with Libra remains Facebook. The company’s record on diversity and data was dragged out again as a reason why they should not be trusted with essential financial information. Others took issue with the US dollar being lumped in with other currencies in the Libra basket as well as the domiciling of the Libra Association in Switzerland.
After the 6-hour session, however, a key question remains: will governments allow private companies to create the digital currencies of the future, or will they keep that right for themselves?
To dive deeper into the frontier between legacy financial systems and new digital monies, register for Invest: NYC today!
Eric Weinstein PhD, Managing Director, Host of "The Portal" podcast Thiel Capital
Eric Weinstein is a Mathematician, Economist, and a frequent public speaker on a variety of subjects within the sciences. Currently, he is Managing Director of Thiel Capital in San Francisco and was formerly a Co-Founder and Principal of the Natron Group in Manhattan as well as a Visiting Research Fellow at Oxford University in the Mathematical Institute.
Yoshi Nakamura Managing Director - Head of Americas Sales & Business Development Galaxy Digital Partners
In addition to his responsibilities as Head of OTC sales, Yoshi is an active speaker conferences for Galaxy Digital Trading, anchors Galaxy Digital “Heard Around the BLOCK” video interviews, and facilitates distribution for public and private placement offerings to Galaxy Digital Trading counterparties as a part of Galaxy Digital Advisory.
Rayne Steinberg is Chief Executive Officer at Arca. In his role, Rayne leads the overall direction of the company and is responsible for securities structuring and risk management. Rayne has a rich history of financial and entrepreneurial success with nearly two decades of experience.
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