Libra, Facebook's stablecoin project, faced a fierce backlash when it was announced in 2019. In the end, it never launched. But the project's legacy lives on, says nikhileshde. CoinDeskTurns10
“I think Libra was met with a giant overreaction around the world,” said Dante Disparte, who was the Libra Association’s head of policy and communications in June 2019. He is now the chief strategy officer at stablecoin issuer Circle Internet Financial.
“We’re committed to getting all of the appropriate U.S. approvals before launching the Libra payment system in any country in the world, even where those approvals might not be strictly required,” Zuckerberg told Congress in October 2019. “All of the regulators that have jurisdiction over a part of what we’re doing, we’re working with them and we’ll seek approval.”Regulators appeared loath to grant that permission.
Within months of Facebook announcing that white paper, there were three different full Congressional committee hearings focused specifically on Libra.Secrecy Zack Seward, who was an editor at CoinDesk in 2019, flew out to Menlo Park, California, for private briefings from Facebook executives and Libra’s leaders ahead of the big reveal.
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