A bold plan to launch a new cryptocurrency by Facebook and partners looks a lot like the plans of another firm the Securities and Exchange Commission is now suing to stop.

Libra is a “global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology,” according to the Switzerland-based not-for-profit membership organization formed to run the initiative, Libra Association. The Libra Association says it will “be raising money in a private placement to help jumpstart the ecosystem and drive adoption.”