process and governance approach

This article provides a good survey of the failure of Facebook's 'monetary' experiments starting with Libra and followed by Diem.

Facebook dropped the 'digital currency' project. Probably, they thought that this part of 'regulatory battle' could weaken them in other 'battles' around anti-trust, data, consumer protection.

In particular, it could weaken their chances for the success of Metaverse project which is Facebook's ultimate battle for survival.

Libra development was historical moment in Internet governance and digital policy since it was the first major occasion when tech platforms were not allowed to use 'ex post' approach (develop and regulate later on). This time regulators stopped them 'ex ante'.