BlockBeats news, on November 30th, reported that according to DL News, David Marcus, the former head of Meta’s (formerly Facebook) stablecoin project Diem, has published an article unveiling the reasons behind the project’s failure. Marcus stated that Diem was fully compliant with regulations 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.” Subsequently, the Fed exerted pressure on banks to sever ties with such projects. Custodia Bank CEO Caitlin Long echoed these sentiments by disclosing her company’s similar experiences of suppression.
In previous news, a16z founder Marc Andreessen shared in a podcast that over 30 tech founders have encountered setbacks in the last four years.
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<p>The post Diems Failure: The Inside Story of Meta’s Stablecoin Project first appeared on CoinBuzzFeed.</p>