Do you believe the regulations are sufficient for protecting people from FB? Do you believe that FB is operating in good faith and not finding alternative means by which to gather and exercise the soft power that comes with hosting a private, global currency?
I tend to lean against regulation but this is one of those cases where I wouldn't mind seeing FB somehow banned from anything related to currency.
No, we're in an age in which innovative projects are suffocated by shady politics before they even onboarded their first user.
Remember the letter sent to Libra consortium members by US senators? [1]
They threatened Visa, Mastercard and Stripe with extreme regulatory scrutiny of all their payment business (not only Libra-related) in case they would stay on the project. The threat worked and the threatened companies left the consortium soon after.
This is right out of the playbook of despotic governance: create laws so complex that everyone is probably violating some of them all the time and then selectively enforce the law against those you don't like.
