[codesushi42]

>Will Libra deposits be covered under FDIC?

That's not Libra's use case. It is pegged to other assets; it is meant to be transactional, not held as a store of value.

>Will it be subject to closures when there is a panic?

Why do you consider that a good thing? Would you really rather have your money held by some bank in Argentina then?

Besides, the idea of cryptocurrency is that the money supply is not governed by policymakers, which will help to avoid the conditions leading to those kind of panics. In the case of Libra, it's pegged and its monetary policy is more decentralized than that of a central bank.

>What rights do depositors have in the event of wrongful transactions?

What rights do you think that you have today? You're being subject to wrongful transactions all of the time in the form of outrageous banking fees. Make no mistake, the cost of "wrongful transactions" is being foisted upon you, plus much more in the bank's own interest of making money.