MAZY DAR, OPENFIN@MAZYDAR OCTOBER 13, 2019 10:25 AM
Move fast and break things: It’s a philosophy that many in the tech world have adopted as their mantra, long after Mark Zuckerberg immortalized it as the unofficial motto of Silicon Valley.
Innovation is the lifeblood of the technology industry, but what happens when new technological paradigms “break things” and there’s shattered glass on the floor? Who is stuck with the bill?
Across the world, lawmakers and regulatory agencies are mulling this question, and many have big tech squarely in their sights. The recent case of Facebook’s proposed Libra token is a good illustration of this – U.S. Congress had a bipartisan field day with the social media giant during a series of heated hearings, expressing their skepticism of both the proposed cryptocurrency and the social media giant’s good faith. Across the pond, the EU’s General Data Protection Regulation targeting data privacy, and the UK’s recently announced Digital Markets Unit to monitor large online companies, are similar examples of this growing consensus.