Janet Yellen killed the Meta Libra project, claims David Marcus

2024-12-01 05:56:34

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In this article:Former Libra project leader David Marcus blamed Treasury Secretary Janet Yellen for the project’s collapse.

David Marcus spoke about the challenges he faced after the project’s creation in 2019. Marcus says he learned an important lesson from the ordeal. David Marcus, former president of #PayPal and head of the defunct Libra project, shed light on an unfortunate incident involving the project. Marcus addressed the microblogging platform X, saying that Treasury Secretary Janet Yellen was indirectly involved in the project’s demise. the former president of PayPal decided to clarify the situation after Marc Andriessen spoke about the project on the #Joe Rogan show. According to Marcus, the project was on its way to transform the global payment , until a political conspiracy led to its collapse. Marcus noted that it was necessary to shed light on the events that took place behind the scenes that ultimately led to the project’s failure. According to David Marcus, in 2019, the company launched an initiative to create a blockchain-based payment powered by stablecoins to solve the problem of cross-border payments. This initiative led to Libra, which according to Marcus, immediately began to cause confusion. He said that despite the project being backed by about 28 companies, it immediately fell into the crosshairs of regulators. How Libra was killed. I’ve never talked about it publicly before, but it seems appropriate to shed more light on it since @pmarca opened the floodgates for the @joerogan group. Marcus said that a few weeks after the announcement, he appeared before the Senate Banking Committee and the House Financial Services Committee to defend himself. But those challenges were minor compared to the scrutiny the project faced later. He said that over the next 2 years after the draft was published, a lot of effort was put into addressing certain regulatory concerns.

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