The former head of Meta's stablecoin project Diem said the project was forced to terminate due to political pressure
David Marcus, former head of Facebook's stablecoin project Diem, revealed the project's failure. Marcus stated that the project fully complied with regulatory requirements in 2021 and was ready for a small-scale launch, but US Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Subsequently, the Federal Reserve pressured banks to terminate their cooperation with the project. Custodia Bank CEO Caitlin Long responded that her company had experienced similar suppression.
Earlier news, a16z founder Marc Andreessen revealed on a podcast that more than 30 tech founders had been "de-banked" in the past four years.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ethereum's imminent fall: Trader predicts historic 91% devaluation against Bitcoin
Ripple Revolutionizes Global Payments with RLUSD Stablecoin Integration
Cardano Innovates with Veridian: Quantum-Resistant and Globally Interoperable Digital Identity Platform
U.S. Treasury Sanctions Crypto Wallets Tied to Houthi Terrorist Financing
The U.S. Treasury Department has intensified its crackdown on financial networks linked to terrorist organizations, sanctioning multiple cryptocurrency addresses associated with the Yemen-based Houthi movement.
Trending news
MoreCrypto prices
More
