Reflecting on Facebook’s Hilarious, Well-Deserved Crypto Failure

The privacy questions were closely linked to legislators’ skepticism that the Libra project would be a “nonprofit” independent of Facebook’s control. Facebook’s hilariously inept attempt to make it seem like it wasn’t in control of Libra involved creating a “Libra Association” made up of companies including, for about 10 seconds, Visa, PayPal and Uber. To set up this group, Facebook, a massive public company, basically copied and pasted the “Swiss nonprofit foundation” legal structure that was popular among sometimes-shady initial coin offering-driven crypto projects circa 2017-2018.