Former FTC Commissioner Is Willing to Give Facebook’s Cryptocurrency a Chance

Former FTC Commissioner Maureen Ohlhausen recently told reporters that Facebook’s cryptocurrency is “not necessarily a bad thing.” She says that we shouldn’t be unfairly pessimistic about a big company entering a new area of competition. In fact, Ohlhausen welcomes Facebook’s entry into payment processing. “I would be concerned to say a company just has to stay in its lane and can’t change — I think ultimately that would have a negative impact on competition,” she told Yahoo Finance‘s ‘The First Trade.’

State Representatives Voice Their Opposition to Libra

Ohlhausen’s comments come as a shock given that so many U.S. legislators have been coming out against Facebook’s Libra. Many have characterized it as a monopolizing effort by a tech conglomerate. Moreover, the fact that Facebook has the unabashed wherewithal to push Libra after its complete disregard for privacy is enough reason to worry. For example, Republican Senator Josh Hawley has said that its Libra is akin to the social media company “expanding its monopoly.” Democratic Senator Maxine Waters echoed similar concerns. “With the announcement that it [Facebook] plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” she told reporters.

Should We Give the Libra a Chance?

For the former FTC Commissioner, Facebook’s monopolizing tendencies are a non-issue. Stopping a large company from entering other industries “has never been the law in the U.S. for general antitrust purposes,” she said. This is a bit ironic, considering that Ohlhausen is the co-chair of the anti-trust practices for the law firm Baker Botts. Facebook’s biggest obstacle right now may be regulators and government pushback. It remains to be seen, though, whether other high-ranking government officials like Ohlhausen will give Facebook a chance. As of now, she remains the only state official, former or otherwise, who has demonstrated openness to the Libra. Do you believe government representatives and regulators will come around to accepting Facebook’s Libra in due time? Let us know your thoughts below.