Biden Admin Kills Facebook Libra

This is a US news story, published by CoinGape, that relates primarily to David Marcus news.

US news

For more US news, you can click here:

more US news

David Marcus news

For more David Marcus news, you can click here:

more David Marcus news

tech giants news

For more tech giants news, you can click here:

more tech giants news

CoinGape news

For more news from CoinGape, you can click here:

more news from CoinGape

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best tech news, business news, entertainment news, and much more. If you like tech giants news, you might also like this article about

defunct Facebook Libra stablecoin project

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest Facebook Libra news, Facebook Libra project news, tech giants news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

Crypto Industry Leaders Back David Marcus

CoinGape

•

Facebook Libra Was Killed Politically By Pressure from US Secretary Janet Yellen

Summary

Nutrition label

65% Informative

David Marcus , former chief of Facebook's Libra stablecoin project, has openly revealed how the Biden administration killed the project despite passing all regulatory checks.

Marcus said that the Facebook Libra project met every regulatory requirement needed for a limited launch, and even supported by some Federal Reserve governors.

He also details how US Treasury Secretary Janet Yellen prevented Fed Chair Jerome Powell from giving it the go-ahead.

Libra, designed as a high-performance blockchain paired with a stablecoin, aimed to revolutionize global payments.

Facebook Libra project is likely to open the door to disclosure from other crypto firms that suffered due to Operation Choke Point 2.0 .

With Donald Trump planning to have a crypto czar position at the White House , things could change for the betterment of the crypto industry.

It will be interesting to see whether the Diem stablecoin project from Facebook will revive again.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English