Former Diem co-founder David Marcus revealed that Meta's stablecoin project, initially known as Libra, faced political and regulatory hurdles in the US, leading to its termination. Originally designed as a global payment network backed by various currencies, the project attracted support from major financial institutions. However, US lawmakers and regulators expressed concerns about its impact on monetary sovereignty and financial stability, prompting Meta to rebrand it as Diem. Despite efforts to comply with regulations and shift focus to a US dollar-backed stablecoin, regulatory obstacles persisted. The project eventually ended in 2022, with the Diem Association selling its assets to Silvergate. Marcus emphasized the importance of neutrality and decentralization in future blockchain projects. The closure of Diem saw team members transitioning to other blockchain ventures, while Marcus pursued Lightspark, focusing on Bitcoin's Lightning Network for payments. The crypto industry's evolution highlights the complex interplay between innovation, policy, and regulation. Read more AI-generated news on: https://app.chaingpt.org/news