ChainCatcher reported that according to DL News, David Marcus, the former head of Diem, a stablecoin project under Meta (formerly Facebook), revealed new details of the project's failure. He claimed that political interference was the reason for the project's failure, rather than non-compliance with regulations.
Marcus said the project was fully compliant with regulatory requirements and ready for a small-scale rollout in 2021, but U.S. Treasury Secretary Janet Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Soon after, the Fed pressured banks to withdraw. Caitlin Long, CEO of Custodia Bank, said her company has faced similar targeting and "one day... I will be able to tell the true story of what the Fed did to Custodia Bank." She added: "There is too much corruption."
As previously reported, a16z founder Marc Andreessen revealed that 30 technology founders had their bank accounts revoked simply because of their involvement with digital currency.