According to CoinDesk, Jeff Bandman, a former financial technology consultant at CFTC in the US, said there may be a long way to go before regulators make a decision on Facebook's Libra, and Libra's classification will ultimately not be decided by Facebook. Bandman said: "It's not that Facebook can choose the category that it recognizes (securities, commodities, payment tokens, practical tokens, etc.), and the regulator will agree. The regulator will focus on the behind the scenes, not just the Libra form. There is also its substance and function, they will decide what Libra is."