On November 30, BlockBeats news reported that David Marcus, the former head of Meta’s (formerly Facebook) stablecoin project Diem, shared an article revealing the inside story of the project’s failure. Marcus claimed that Diem was fully compliant with regulations and ready for a small launch 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 their ties with such projects. Custodia Bank CEO Caitlin Long acknowledged that her company had faced similar suppression.
In related news, a16z founder Marc Andreessen revealed in a podcast that over 30 technology founders have experienced “outage” in the last four years.
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