WATCH: Former CFTC Advisor Sees 'Mistrust' as Libra's Fatal Flaw

Scandal after scandal hasn't done Facebook any favors, says former CTFC advisor Jeff Bandman.

Jul 18, 2019 at 10:00 p.m. UTC
Updated Sep 13, 2021 at 11:12 a.m. UTC

Jeff Bandman, Lecturer in Global Affairs at Yale University, is a advisor at the U.S. Commodity Futures Trading Commission (CFTC) where he spun up LabCFTC. In this chat with CoinDesk's Pete Rizzo, he talks about "murder boards" and what it took for Facebook's David Marcus to face off the Federal Government.

"After I had started working at the CFTC all of a sudden on my calendar I'd get these invitations and so I go to our Hill liaison and I'd say 'Corey what are these death-squads that have just appeared on my calendar' and he's like 'Jeff, it's not a death squad it's a murder board.'"

"A murder board is the term for when you prepare the boss to go in front of Congress and prepare them for questions and so the whole staff gets together and throws really hard questions at him," he said.

Bandman believes Facebook's biggest problem is mistrust.

"There's the backdrop of all the mistrust, the problems with Cambridge Analytica, the use or misuse of subscriber data the the the lack of disclosure so there's an enormous amount of mistrust," he said. But, he noted, bitcoin was born during the financial crisis when disrupt was completely rampant in the finance industry.

You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.

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