It’s hard to believe regulators can learn faster than entrepreneurs, but they do. Back when Mark Zuckerberg testified before Congress in April 2018, Senator Orrin Hatch (a Republican from Utah) interrogated Facebook’s business model by asking him “why users don’t pay for your service,” to which a smiling Zuckerberg replied, “Senator, we run ads.” Eighteen months later, on October 23, 2019, Zuckerberg faced another congressional grilling, this time over his proposed digital currency, Libra. If Congress is aiming to force Facebook to stay clearheaded about its original idea—deploying Libra in developing countries where ... (full story)