The Big Tech trinity of Google, Facebook, and Amazon are popular bipartisan punching bags, but it seems clear that Facebook is currently the most politically expedient one in the crosshairs. Its poor custodianship of user data seems to always be receiving some form of focus, but now its bold ambitions surrounding payments and impending antitrust day of reckoning are making headlines. Facebook’s numerous instances of dereliction of duty towards its users warrants the regulatory whip, but monopoly it is not.

Its newest endeavor, Libra, is pitched as a paradigm-changing financial product that will disproportionately help the unbanked and poor; however, all it has been thus far is a pious talking point for political theater. Allowing Facebook to be the guardian of people’s payments after being such a demonstrably terrible one for people’s data is of course, fair; which is precisely why Libra will be uniquely handled. Facebook insists they will not control the network, currency, or reserve backing it and will be only one of several hundred members of the Libra Association with no special privileges. The project will be headquartered in Geneva, and subject to Swiss government regulation and oversight.