Re:Libra still needs more baking
by Hermel on Sunday April 26, 2020 @01:22AM
(#22984719)
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.
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.
[1]: https://www.brown.senate.gov/newsroom/press/release/brown-sc...