Chair

Janet

Tyler

when

Reserve

<div class="flex-shrink-0 flex flex-col relative items-end">
 <div class="pt-0">
  <div class="gizmo-bot-avatar flex h-8 w-8 items-center justify-center overflow-hidden rounded-full">
   <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>Marcus had never publicly discussed this until now.</strong></h4>
   <div class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8">
    <div class="group/conversation-turn relative flex w-full min-w-0 flex-col agent-turn">
     <div class="flex-col gap-1 md:gap-3">
      <div class="flex max-w-full flex-col flex-grow">
       <div class="min-h-8 text-message flex w-full flex-col items-end gap-2 whitespace-normal break-words [.text-message+&amp;]:mt-5" dir="auto" data-message-author-role="assistant" data-message-id="a4b77212-5520-48df-908c-5452d2c9937e" data-message-model-slug="gpt-4o-mini">
        <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]">
         <div class="markdown prose w-full break-words dark:prose-invert light">
          <p>After Marc Andreessen <a href="https://x.com/SimplyBitcoinTV/status/1861843936278348121" target="_blank" rel="noopener noreferrer nofollow">talked</a> about it on Joe Rogan’s podcast, Marcus felt it was the right time to shed some light on what happened. He decided to discuss the story publicly for the first time.</p>
          <h5><strong>Libra’s Ambition and Political Struggles</strong></h5>
         </div>
        </div>
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
</div>
<p>Libra, later renamed Diem, was designed to revolutionize global payments. The project aimed to make payments faster, cheaper, and more efficient on a blockchain paired with a stablecoin. Marcus and his team at Meta (formerly Facebook) spent months preparing and briefing regulators before the project was announced in June 2019 with 28 partner companies.</p>
<p>However, just two weeks after the announcement, Marcus found himself testifying before Congress, marking the start of two years of intense scrutiny and changes to satisfy lawmakers.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">How Libra Was Killed.</p>
 <p>I never shared this publicly before, but since <a href="https://twitter.com/pmarca?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@pmarca</a> opened the floodgates on <a href="https://twitter.com/joerogan?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@joerogan</a>’s pod, it feels appropriate to shed more light on this.</p>
 <p>As a reminder, Libra (then Diem) was an advanced, high-performance, payments-centric blockchain paired with a…</p>
 <p>— David Marcus (@davidmarcus) <a href="https://twitter.com/davidmarcus/status/1862654506774810641?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 30, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>By spring 2021, after addressing every regulatory concern, Marcus and his team were ready to launch. The Federal Reserve even seemed to support a limited rollout. But then, according to Marcus, a conversation between Treasury Secretary Janet Yellen and Federal Reserve Chair Jay Powell sealed Libra’s fate. Yellen allegedly told Powell that allowing Libra to move forward would be “political suicide” and that she wouldn’t back him. This conversation was the moment that killed the project.</p>
<h5><strong>Libra’s Demise and the Political Forces Behind It</strong></h5>
<p>Soon after, the Fed made it clear to the participating banks that while they couldn’t stop them from launching Libra, they weren’t comfortable with it. With that, the dream of Libra was over. Also, Tyler Winklevoss, the Co-Founder of Gemini, said something about this topic:</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Can confirm. <a href="https://twitter.com/Gemini?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Gemini</a> worked closely with David and his team at <a href="https://twitter.com/Meta?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Meta</a> to help launch Libra (fka Diem). We were on the one-yard line when Federal regulators murdered this project. It was all politics, no basis in law. <a href="https://t.co/AcNWgSS03C" rel="noopener noreferrer nofollow">https://t.co/AcNWgSS03C</a></p>
 <p>— Tyler Winklevoss (@tyler) <a href="https://twitter.com/tyler/status/1862690244216180953?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 30, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Marcus shared that, despite having addressed every legal and regulatory concern, the project was shut down for political reasons, not legal ones. This was the hardest part for him. It was difficult to accept that America, a country he admired for its rule of law, made a decision based purely on politics.</p>
<p>However, Marcus found a silver lining in the experience. He learned the most important lesson of all: to build a truly open, global payment system, you need to rely on the most decentralized and secure asset available: <a href="https://www.altcoinbuzz.io/?s=bitcoin" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/Alpha_website_leaderboard-banner-1.jpg"></a></p>
<div class="youtube-embed" data-video_id="vaMKpu4hBaw"><iframe title="XRP Ripple to $3K THIS WEEK?! BTC, XRP, Chill Guy, SHIB, PEPE TA" width="696" height="392" src="https://www.youtube.com/embed/vaMKpu4hBaw?feature=oembed&amp;enablejsapi=1" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/david-marcus-reveals-why-libra-was-shut-down/" rel="noopener noreferrer nofollow">David Marcus Reveals Why Libra Was Shut Down</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

David Marcus Reveals Why Libra Was Shut Down

Altcoin Buzz

Other articles published on Dec 2, 2024

NFID Achieves First All-Green ICP Audit and Becomes the First Open-Source Wallet

LTC Price Analysis: Bullish Rally Eyes $218 Post $128 Breakout

LUNC Price Shows Bullish Momentum Amid Key Resistance at 0.00012665

Orderly Network Facilitates Solana Users to Trade Without Limits in Combined EVM Super-Ecosystem ...

MicroStrategy Buys $1.5 Billion Worth of Bitcoin

Crypto Meme Wars Heat Up BTFD Stuns in Presale, SPX6900 Becomes a Gamer Favourite and Neiro Bring...

Join our free newsletter for daily crypto updates!