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Stablecoins and National Security | Former CFTC Chair Timothy Massad
Bankless
Libra Project Abandonment and Congressional Approval
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The abandonment of the Libra project was due to the reluctance of the US government and Congress to approve it. Initially established in Switzerland, the project required US approval for Swiss authorities to proceed, but conversations with the Treasury and Federal Reserve did not yield permission. Notably, Facebook sought regulatory approval, but faced challenges as there was no existing framework for such a project. During Congressional hearings, concerns were raised that Libra could undermine the US dollar, which led to Chinese officials accelerating their CBDC research. The situation highlighted the tension between seeking permission and forging ahead in innovative projects, with a lesson learned suggesting that in the crypto space, it may be more beneficial to ask for forgiveness rather than permission.
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