Political Witch-Hunt Killed Facebook Libra, Says David Marcus
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David Marcus, ex-leader of Facebook’s Libra project, revealed its demise was politically driven, led by US Treasury Secretary Janet Yellen. Despite meeting all regulatory requirements by 2021, Marcus stated Yellen instructed Fed Chair Jerome Powell to block the project, calling its approval “political suicide.” Industry leaders like Coinbase CEO Brian Armstrong and Cameron Winklevoss supported Marcus’s claims, linking the shutdown to Operation Choke Point 2.0. Armstrong emphasized the need for open-source development to bypass regulatory interference. The Libra controversy has reignited debates over crypto innovation and regulatory overreach, with potential industry reforms on the horizon.
