Ripple CEO Brad Garlinghouse is offering his take on Facebook’s Libra.
At a summit in Menlo Park, California hosted by The Information, Garlinghouse said he thinks Facebook was too brash in the big reveal of its Libra white paper.
“I think that the way they approached it demonstrated, frankly, [from] my point of view, arrogance in how they rolled it out.
I think Facebook did not appreciate the trust deficit they had.”
The regulatory backlash against Libra in the US and around the world has Garlinghouse concerned that governments may begin to take a harsher stance on crypto and blockchain technology in the world of payments.
“Now I worry, am I going to get caught in the crossfire?”
Visa, Mastercard, PayPal, Stripe, eBay and Mercado Pago all dropped their support for Libra this month.
Despite the setbacks, Facebook’s head of blockchain David Marcus tells Yahoo Finance the project is “absolutely not” in jeopardy.