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What you need to know
Four months can make a lifetime’s worth of difference to a project like Facebook's Libra.
When he appeared before Congressional representatives in July, Libra co-creator David Marcus adopted an aggressive posture and refused to halt development of its blockchain and cryptocurrency for the sake of regulators. Back then, curiosity about the project was high and lawmakers were asking for a moratorium on its development until they could understand its implications.
Why it's important
Marcus’ boss, Facebook CEO Mark Zuckerberg, appeared more contrite in his Congressional appearance today. “Our views [about Libra] have clarified,” he said in response to a question from Rep. Juan Vargas (D-CA).
That clarification includes a commitment to withdraw Facebook from Libra, if it was not approved by U.S. regulators, a rebranding of Libra as a payment system instead of a currency, and an admission that their blockchain was, in fact, not decentralized like most cryptocurrencies.