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.

AccessTimeIconJul 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.



Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.