On November 30, BlockBeats news reported that David Marcus, the former head of Meta’s (formerly Facebook) stablecoin project Diem, shared an article disclosing the reasons behind the project’s failure. According to Marcus, the project had complied with all regulatory requirements and was set for a small rollout 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 terminate their relationships with the projects. Custodia Bank CEO Caitlin Long stated that her company had experienced similar suppression as well.
In related news, a16z founder Marc Andreessen revealed in a podcast that over 30 technology founders have faced setbacks in recent years.
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<p>The post Inside Diem’s Failure: Political Pressure & Tech Founder Outages first appeared on CoinBuzzFeed.</p>