Why Vodafone’s Defection Won't Matter For Libra

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 22 January 2020

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

News broke yesterday that the Libra Association had seen it’s 8th high profile defection, this time from the telecom giant Vodafone. In today’s episode of the breakdown, @nlw argues that Association members are far less of a factor in Libra’s success than key regulatory questions around domiciling, the value peg, and the US’s fear of a Chinese digital currency. Also in this episode, Square Crypto announces its plans for a Lightning Development Kit while Square also announced a new patent that could make crypto easier to use. In regulatory battles, meanwhile, both the Blockchain Association and the Chamber of Digital Commerce have filed amicus briefs around the SEC-Telegram lawsuit.

Transcript

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0:00.0	Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
0:15.0	The Breakdown is distributed by CoinDesk.
0:20.0	Welcome back to the breakdown.
0:22.4	It is Wednesday, January 22nd.
0:24.8	And today we're going to kick off by looking at the latest high-profile defection
0:29.3	from the Fledgling Libra project and what it means for Facebook.
0:33.5	Second, we're going to be looking at Square Crypto, which has just announced a new lightning-related
0:38.4	project, as well as breaking news of a new patent that has implications for their efforts with
0:44.4	crypto. And third, and finally, we'll be looking at some interesting legal intrigue around
0:49.7	Telegram's case with the SEC.
0:52.6	Yesterday, Vodafone became the latest company to leave the Libra Association, and in fact,
0:58.3	the eighth overall to leave the association.
1:01.2	Before it, the companies that had left included PayPal, MasterCard Visa, Mercado, Pago,
1:06.5	eBay, Stripe, and Bookings Holdings.
1:08.8	So this is obviously a different category.
1:10.6	Most of those players are in the payment sector.
1:13.1	Most of those defections came all at once.
1:15.6	It had to be a very bad weekend for David Marcus and team.
1:19.2	Vodafone is a large telecom conglomerate.
1:22.8	And the difference in this case is a few parts.
1:26.7	First, it seems to be amicable.
1:29.4	At least they're presenting it that way.
	...

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