Preston Byrne & Jake Chervinsky on Regulating Libra - WBD145

Mr Obnoxious

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 6 September 2019

⏱️ 87 minutes

🔗️ Recording | iTunes | RSS

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Summary

Location: New York
Date: Thursday, 25th July
Project: Byrne & Storm and Compound Finance
Role: Partner & General Counsel

Shortly after Facebook announced the launch of Libra, the U.S government hauled David Marcus, the head of the proposed currency, in front of Congress. For two days, Marcus answered tough questioning from both The House and The Senate on everything from Libra’s intentions to Facebook’s previous issues such as Cambridge Analytica.

Quite predictably, the creation of a new global currency was seen as a threat to the Dollar and was met with hostility by large parts of Congress, but was this part of Facebook’s plan? Are they using and audacious initial proposal as a way of shocking Congress before ‘revisiting’ the proposal and easing the regulatory path?

Or, is Facebook using cryptocurrency and blockchain under the guise of ‘innovation’ as a shield against harsh regulation, well aware of the government’s fear that China controlled WeChat and Alipay could weaken the position of the Dollar?

Why is Facebook launching this project? With Facebook, active users dropping rapidly has the novelty of the social network worn off and is this just a pivot to stay relevant and maintain control? For the next episode in my Libra Deep Dive I talk to Preston Byrne & Jake Chervinsky about the regulatory side of Libra. We discuss whether Libra is a security, if the Foundation is really a non-profit and whether Libra is even a cryptocurrency.

Transcript

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0:00.0	Welcome to the What Bit Bitcoin Did Podcast.
0:05.0	Hello there from Bedford.
0:08.0	How are you all? Are you all well?
0:10.0	I'm back home now. Had a great trip out in LA and SF recorded some great
0:14.4	interviews and I'm heading to Taipei next week. I'm out there to record a bunch of
0:19.3	interviews for the launch of Defiance, my new podcast which is coming soon.
0:23.6	So welcome to the What Bitcoin did podcast, which is brought to you by Krakhan, the best
0:27.3	place to buy and sell Bitcoin.
0:29.1	I'm your host Peter McCormack, and today I've got an interview with Preston Byrne and Jake Chavinsky.
0:34.4	We're looking at the regulatory challenges that are going to be faced by Facebook's Libra,
0:38.8	but before that I do have a message from my show sponsors and if you enjoy the show please don't skip these
0:43.4	it is the sponsors that allow me to do this they are the ones that allow me to go and
0:47.4	get all these really cool interviews in so firstly today's show is brought to you
0:51.9	to buy my new sponsor, My Bookie, and there's a couple of things I like in life.
0:56.6	I do like to have a bit on the football.
0:58.9	I specifically like betting on spurs losing, but I also love Bitcoin. So my bookie is a great sponsor to get
1:05.3	on board because not only can you bet on sports but they also accept Bitcoin
1:09.3	which is pretty badass. I would only recommend a service to my listeners that I trust, which is why my
1:15.1	bookie is a great choice. You bet, you win and they pay, and as I said, you can use Bitcoin.
1:21.0	And listen, while I love football, my football, English football. I know a lot of my
1:25.8	listeners are out in the US and a lot of you love your football, which you know, I quite like
1:30.4	it as my law. I'm a big Rams fan, but my bookie has live in-game betting on every NFL game
	...

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