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Facebook’s Libra, cryptocurrency and the Token Taxonomy Act: much needed blockchain innovation reform or fear of the giants?

Insight Sam Miller Sam Miller · July 24, 2019

Although Capitol Hill and not Mount Olympus, one could be forgiven for mistaking the Facebook Libra co-creator and Calibra CEO, David Marcus’s July 17th, 2019 testimony before the House Committee on Financial Services for a page out of Greek mythology.

If one were to be dramatic, one could say that this was no more an exercise in regulatory oversight of Facebook’s digital currency plans, than a Gigantomachy, of similar historical importance, with our Capitol Hill overseers panic-struck, and technology and terminology confused, frantically trying to throw everything-and-the-kitchen-sink at Marcus and his Facebook overlords as they desperately try to defend the tech giants’ assault on their domain and preserve of power.

Marcus was there to take questions on Libra, the cryptocurrency which Facebook through its subsidiary Calibra, proposes to launch on the Libra Blockchain, to be ‘overseen’, as least initially by the Libra Association, an “independent, not-for-profit membership organization headquartered in Geneva, Switzerland…” whose members will “…consist of geographically distributed and diverse businesses, nonprofit and multilateral organizations, and academic institutions…”, which count tech giants Uber, Spotify, Paypal, and of course Facebook, among them. Read the full article here.


Sam Miller, Rimon Corporate Partner, advises clients in acquisitions and disposals, corporate finance, corporate and partnership structuring and shareholder, operating and buy-sell agreements, general corporate matters, supply, distribution, consignment and inventory management arrangements, and other commercial transactions. He has extensive experience in the metals and transportation industries as well as with technology start-ups, particularly token-driven blockchain businesses, and also advises clients active in the fine art markets. Sam is licensed in California, England and Wales, and South Africa, with specific expertise in all three jurisdictions. He is adept in helping his clients navigate the intricacies of cross-border business and inward investment. Sam has advised clients in a range of countries, including England, Spain, France, Turkey, Lithuania, Latvia, United Arab Emirates, Israel, South Africa, Hong Kong, South Korea, and the United States. Read more.

Attorney Advertising. This document is not intended to be and is not considered to be legal advice. Transmission of this document is not intended to create, and receipt does not establish an attorney-client relationship. Prior results do not guarantee a similar outcome.

Keywords

libracryptocurrency