Simon Morris’s Short-Lived Tenure
Rumor has it that Simon Morris, the captain steering the ship at the Libra Association, has officially abandoned his post after just five months. His LinkedIn tells the tale—August marked the end of his adventure with the cryptocurrency project before it even gained full steam. Talk about a speedy exit!
A Glimpse into Morris’s Background
Before diving headfirst into the Libra project, Morris earned his stripes at BitTorrent, where he spent nearly a decade straddling various roles. He returned for a brief encore stint from 2017-2018, leading a cryptocurrency initiative designed to mesh smoothly with the BitTorrent protocol. This effort culminated in the acquisition of BitTorrent by TRON, birthing the still-breathing Project Atlas. Perhaps he just got tired of the digital waves!
Libra’s Struggles with Backlash
The Libra Association has been floundering in rough waters since its grand unveiling back in June. Following Morris’s exit, we saw PayPal, one of the major players and backers of the Libra project, make a hasty retreat on October 4. They cited fears of reputation damage—a nightmare scenario for an organization that had banking sensibilities. A PayPal spokesperson summed it up: “We remain supportive of Libra’s aspirations…” but that’s about as useful as a screen door on a submarine.
Growing Concerns from Other Backers
Worries didn’t stop with PayPal—other significant members like Visa, Mastercard, and Stripe appeared to be losing their nerve, possibly due to Facebook’s bold claims that regulators were on board with the whole idea. Spoiler alert: They weren’t. The association’s credibility is now caught in a whirlwind of skepticism, with its future very much up in the air.
The Road Ahead for Libra
The path to success for Libra looks more like an obstacle course than a smooth highway. As it grapples with a mounting backlash from regulators across the globe, the project needs to find its footing—or risk sinking altogether. With Morris out and major players reconsidering their stakes, one wonders: is there a lifeboat for Libra, or is it too far gone to save?
