According to Deep Tide TechFlow, on November 30, David Marcus, the former head of Meta's stablecoin project Diem, revealed the insider details of the project's failure. The project met regulatory requirements in 2021, but U.S. Treasury Secretary Yellen told Federal Reserve Chair Powell that approving the project would be 'political suicide.'
The Federal Reserve subsequently pressured banks to terminate their cooperation with the project. Custodia Bank CEO Caitlin Long responded that her company faced similar suppression. Previously, a16z founder Marc Andreessen revealed that over 30 tech founders had encountered 'card cuts' in the past four years.#mate
