Considering a new cryptocurrency. When Kathryn Haun, the Justice Department’s one-time go-to prosecutor for Bitcoin related-felonies, joined VC firm Andreessen Horowitz to lead its cryptocurrency fund, Fortune‘s Robert Hackett deemed the move a “watershed moment,” with Haun’s legal chops lending legitimacy to the nascent space.
At Fortune‘s inaugural Brainstorm Finance summit in Montauk, N.Y.—featuring established Wall Street giants and up-and-coming fintech, blockchain, and venture finance firms—Haun weighed in on another milestone for the crypto industry: Facebook’s new digital currency called Libra, which was formally announced on Tuesday.
If the wildly ambitious project progresses as intended, users will be able to shop with the currency and send it on apps in the Facebook ecosystem, and use it with other merchants like Uber, Spotify, and MasterCard. While the Libra is being cheered in some corners, it is not without its skeptics,including regulators and lawmakers who have pounced on the project.
On Wednesday, Haun addressed some of those concerns in explaining why Andreessen joined Facebook’s Libra Association, a consortium of 28 members—including the likes of PayPal, Visa, and MasterCard—that will decide how the currency is governed.
“One of they key factors in our decision to join was that we would in fact have—and all members would have—an equal vote,” she said.
She compared cooperation between NGOs, financial organizations, and Facebook itself on the project to a sort of “constitutional convention.”
“You have all these different states coming in trying to form this union,” she said.
She said all the Association’s members haven’t met yet, so substantive details about its governance are scarce. But she’s convinced “very important conversations” will take place. “There will be debates because there are very different points of view,” she said.
Clearly, there are plenty of outstanding questions about Libra and future of finance more broadly, many of which will be addressed on Day 2 of Brainstorm Finance. It will feature Ellevest’s Sallie Krawcheck, Edward Jones’s Penny Pennington, Coinbase’s Alesia Haas, and Ananya Chadha, a 17-year-old blockchain engineer.