According to BlockBeats, on December 2, Diem (formerly Libra) co-founder David Marcus posted on social media stating that by spring 2021, Diem had addressed all possible regulatory issues related to financial crime, money laundering, consumer protection, and reserve management, and was ready to launch. However, at that time, Treasury Secretary Janet Yellen told Federal Reserve Chairman Powell that allowing the project to proceed would be 'political suicide.' Subsequently, the Federal Reserve held a meeting to inform several banks that they were 'unwilling' to allow banks to participate in the project, and Libra was already declared dead at that time.
David Marcus stated that the government or regulatory agencies did not terminate the project from any legal or regulatory perspective. This is a 100% political strangulation—executed through intimidation of the captured banking institutions. For him personally, the most unacceptable thing is not the failure, but that such a thing could happen in the United States.
It is reported that Meta's Diem (formerly Libra) was launched in June 2019, aiming to develop a decentralized payment network linked to a stablecoin pegged to the dollar. It received support from companies like Visa and PayPal—Marcus previously served as President of PayPal. However, two weeks after the project was announced, Marcus was summoned to testify before the Senate Banking Committee and the House Financial Services Committee, after which he began facing continuous interference from regulators.