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It seems to me that Facebook has structured Libra coin to avoid banking & securities laws. By bringing in 20 of his closest Wall Street friends Zuckerberg is a
by elliekelly 7y ago
It seems to me that Facebook has structured Libra coin to avoid banking & securities laws. By bringing in 20 of his closest Wall Street friends Zuckerberg is attempting to rely on prior SEC commentary that BitCoin is sufficiently decentralized to keep the tokens outside of securities regulation.
And even though Libra claims the tokens will be backed by a basket of global currencies they’re still acting like a bank. That basket of currency will fluctuate in value. Libra is basically offering a riskier and unregulated money market account.