On November 30, BlockBeats news reported, citing DL News, that David Marcus, the former head of Meta’s (formerly Facebook) stablecoin project Diem, revealed the inside story behind the project’s failure. Marcus stated that the project was fully compliant with regulations and ready for a limited rollout in 2021.
However, U.S. Treasury Secretary Yellen informed Federal Reserve Chairman Jerome Powell that approving the project would be “political suicide.” As a result, the Fed pressured banks to sever ties with such projects. Custodia Bank CEO Caitlin Long shared her company had faced similar suppression. Previously, a16z founder Marc Andreessen disclosed in a podcast that over 30 tech founders have experienced “outage” within the past four years.
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<p>The post DiEm’s Demise: How Regulatory Pressure Stopped Meta’s Stablecoin Project first appeared on CoinBuzzFeed.</p>
