On July 17, I had the delight and honor of testifying before the House Financial Services Committee with respect to Libra, Facebook’s proposed cryptocurrency.
I’m a real fintech optimist, but it was hard to be one in this particular case. In my oral and written testimony, I raised concerns with Libra’s official “white paper”, focusing on some the disclosure issues in the document. As I’ve explained before, white papers “have emerged as a common tool through which digital asset companies communicate with potential consumers and investors about new projects and ventures. However, white papers have faced mounting criticism — for their hyperbolic language, false promises and omissions of material information consumers would need before purchasing a digital asset.”