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Paul Merrell

Facebook's Cryptocurrency: Stop It Before It Starts - Lawfare - 0 views

  • On Tuesday, Facebook announced its forthcoming cryptocurrency, Libra. The company says it intends to integrate it into Facebook’s Messenger and WhatsApp products. Although Facebook says it’s created an “independent” subsidiary, Calibra, and purports that the currency itself will be controlled by an independent Libra Foundation, the coin really a Facebook project. It is not live yet, giving governments the opportunity to kill this project before it actually gets off the ground and gives rise to cybercriminals that couldn’t capitalize on existing cryptocurrencies. In particular, the IRS and FinCEN should take action now.
Paul Merrell

Facebook co-founder Chris Hughes calls for the company to be broken up - 0 views

  • show chapters Facebook co-founder Chris Hughes calls for the company to be broken up    15 Hours Ago Facebook co-founder Chris Hughes issued a forceful call for regulators to break up the company he helped build in a New York Times op-ed published Thursday. Hughes, who left Facebook to work for Barack Obama's 2008 presidential campaign, said that from his own experience building and working inside the company, Facebook now has more power than a private sector entity is due. While emphasizing his belief that CEO Mark Zuckerberg has good intentions overall, he said the executive has far too much unchecked power, aided by his majority voting stake in the company.
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