According to PANews, a former Facebook executive revealed that the company's stablecoin and blockchain project Libra (later renamed Diem) was terminated for political reasons, leading many employees to shift to other blockchain projects.
The project was sold to Silvergate Bank in January 2022, but was abandoned and its investment was written off a year later. Former head David Marcus called it a '100% political assassination' executed through intimidation of banking institutions.
Despite the project's efforts to reassure lawmakers and regulators, and receiving some support from Federal Reserve members, Treasury Secretary Janet Yellen strongly opposed it, warning Powell not to allow the project to proceed.