BlockBeats news, November 30 – According to a report from DL News, David Marcus, the former head of Meta (previously Facebook)’s stablecoin project Diem, shared the inside story of the project’s downfall. Marcus explained that the project was fully compliant with regulatory requirements and ready for a limited launch in 2021.
However, U.S. Treasury Secretary Yellen informed Federal Reserve Chairman Jerome Powell that approving the project would be “political suicide.” Consequently, the Fed pressured banks to end their associations with such projects. Caitlin Long, CEO of Custodia Bank, responded by saying her company had experienced similar suppression.
In previous news reports, a16z founder Marc Andreessen revealed in a podcast that over 30 technology founders have faced setbacks in the past four years.
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<p>The post Crypto Insider: Diem’s Failure and the Tech Founders’ ‘Outage’ first appeared on CoinBuzzFeed.</p>