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  • Facebook is facing criticism because its approach threatens the dollar and other major fiat systems.
  • Facebook’s CEO believes the US should emulate China and embrace the blockchain.

The CEO of Galaxy Digital Michael Novogratz told CNBC on the “Squawk Box” segment said that Facebook’s approach to the launch of Libra is the reason why it is stuck in regulatory backlash. A different approach according to Novogratz would have given Libra a soft landing. He explained:

“If Facebook would have come out originally saying ‘we are building a global payment system,’ I think there would have been a lot less angst. But, they came out and said ‘we are going to build this new currency’ and everyone turned their heads on fire.”

Novogratz’s comments come just a day after Facebook’s CEO Mark Zuckerberg appeared before the US House Financial Services Committee. Zuckerberg maintained that Libra does not intent to launch until all regulatory concerns are cleared. However, he twisted the narrative saying that Libra is a tool the US can use to ensure that China’s rise to dominance over the US is kept at bay.