Download This PaperLibra: A Concentrate of 'Blockchain Antitrust'
Michigan Law Review Online - 118 Mich. L. Rev. Online. 160, 2020
11 Pages Posted: 24 Apr 2020
Date Written: April 13, 2020
Abstract
Mark Zuckerberg introduced Libra to the world in June 2019 with the goal of “enabl[ing] a simple global currency and financial infrastructure that empowers billions of people.” Two months after, and without waiting for the project to be launched, the European Commission sent a questionnaire to various parties connected to Libra in order to investigate “potential anti-competitive behaviors.” The U.S. House of Representatives also conducted a series of hearings at the end of October 2019 questioning the intentions behind Libra.
Against this background, Part I of this Essay analyzes the type of governance that Libra is aiming for, as it indicates the nature and frequency of certain anti-competitive risks. Part II offers an assessment of the anti-competitive collusion and monopolization that Libra governance might yield. The discussion concludes by assessing the desirability of the adversarial approach adopted by antitrust agencies and governments thus far.
Keywords: Antitrust, Libra, Block-chain, Facebook, European Commission, Competition
JEL Classification: K21, K2, K22, K23, K1, K29, D23, D21, D22, D29
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