Diem, or Libra as it was originally known, is being shut down
that the White House is planning to direct federal agencies to regulate cryptocurrencies as a matter of national security.
While Meta’s ties to Diem are over, there’s always the chance that Silvergate or another player revives the project. Even though Meta’s reputation ultimately sank it, the design of Diem was more transparent and regulator-friendly than a lot of existing stablecoins. But with nearly all of Libra founding team gone from Meta, the odds of Diem ever reemerging with the same level of backing it once had feel slim.
It’s clear that at least some of the original leaders of Libra feel burned by how the project was politicized. David Marcus, the former Facebook executive who created Libra and left late last year, tweeted the following about Diem shutting down: Here's to yet another chapter with a maybe more"acceptable" promoter driving the vision forward. There will be ample time in the future for me to properly reflect on the behavior of certain politicians and regulators along the way, but for now... onward!
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