According to BlockBeats, on November 30, according to DL News, David Marcus, the former head of Meta (formerly Facebook)'s stablecoin project Diem, published an article revealing the inside story of the project's failure. Marcus said that the project was fully compliant with regulatory requirements in 2021 and was ready for a small-scale launch, but U.S. Treasury Secretary Yellen told Federal Reserve Chairman Powell that approving the project would be "political suicide." Subsequently, the Federal Reserve put pressure on banks to force them to end their partnership with the project.
In response, Custodia Bank CEO Caitlin Long said her company had encountered similar suppression. Earlier, a16z founder Marc Andreessen revealed in a podcast that more than 30 tech founders had their credit cards cut off in the past four years.
