ANALYSIS: Facebook’s Libra Ducks the SEC, Drawing New Attention

The SEC has been doling out failing grades to all but a few cryptocurrencies. However, Facebook, Inc.’s “Libra” token is an SEC brown-noser. Introduced to much fanfare on June 18, 2019, Libra is poised to buck long odds to gain a “like” from the SEC. This prospective new digital currency faces a frostier reception from other regulators.

Facebook—or, rather, the Libra Association—unveiled its White Paper on June 18, 2019, proclaiming, “The world truly needs a reliable digital currency and infrastructure that together can deliver on the promise of ‘the internet of money.’” The White Paper describes Libra and the Libra ...