Former CFTC Chairman: Libra suffered setbacks due to Facebook's reputation

According to AMBCrypto, former CFTC President Christopher Giancarlo recently participated in the program highlighting the need to modify existing rules to mainstream cryptocurrency. It added that in doing so, the US SEC faced a huge challenge of fairly defining the "digital environment and new digital asset classes." Giancarlo said that the CFTC's ability to participate in proof of concept and other innovative developments is still limited, including the ability to change beta testing and innovation frameworks through congressional hearings. When talking about Facebook's Libra project, he said, "Banking relationships are far behind the interpersonal relationship curve. In some respects, Libra is a reflection of this. However, in recent years (Facebook) poor management of personal data and processing The anger caused by improperness has led to many public policy issues. Perhaps Libra has suffered this setback during the launch process recently.” He added that any entity other than Facebook will get a better acceptance than this, “especially from policy maker". Giancarlo claims that even in the process of supporting innovation, there is plenty of room for experimentation and development in the “payment track process”.