How Government Killed Facebook's Crypto Libra crypto innovation project? 📈

Happy New Year Everyone !

Recently at a Joe Rogan podcast, Marc Andreessen opened up about the most controversial topic on Libra 🇺🇸 

In light to this topic, David Marcus, ex Meta employee opens up the inside scoop of what really happened and how Government killed Facebook’s Libra project.

Get ready to read some cool scoops from the Crypto World. Lets dive in… 🚀

Scoop in this issue…. 3 minute read… on

✍️ How Government Killed Facebook's Crypto Libra crypto innovation project? 📈

Anyone who disliked Zuckerburg or anyone in crypto space have definitely listened to Mark Zuckerburg’s hearing at the senate. It was brutal for a reason. However the underlying reason of the hearing appears to be lot different which sheds light by an ex Meta employee.

Libra blockchain an advanced payments-centric blockchain paired with stablecoin built by David Marcus’s team at Meta.

The objective of building this product was to solve the global payments problem which we face till today, at a scale which no one have ever solved. Sounds Amazing…Right ? Yes it is !!!

The project was well thought out by Meta in terms of key regulations of the US and other countries.

Once the project was ready, the project was set to release on June 2019 alongside 28 companies. The reach of facebook all over the world made this a powerful app and probably made it easier for them to roll out this complex product. Regulators most likely didn’t like this as well.

Two weeks later after the release, David Marcus from Meta was called to testify in front of both the Senate Banking Committee and the House Financial Services Committee, which ended up making significant changes to appease lawmakers and regulators.

The team kept working till Spring 2021 addressing each and every concern to adhere to the regulatory concern across financial crime, money laundering, consumer protection, reserve management, everything and anything under the umbrella to ensure the product is ready to launch.

After all the necessary changes, Chair Jay Powell was ready to give green signal with a limited capacity.  

YAY .This sounds like a win right ? Wait….there is more surprises 😲 coming

Jay Powell was discouraged and was told by Treasury Secretary Janet Yellen at one of their biweekly meetings that allowing Libra to move forward was “political suicide,” and she would not have his back if he let it happen. This was not told to Meta directly but this is what Marcus heard the story…and claims to take this with a grain of salt.

I wouldn’t be surprised if this is real after reading on Chokepoint 2.0

David Marcus thinks this is the moment Libra was burnt to the ground. All his hardwork comes to a halt.

Shortly thereafter, the Fed organized calls with all the participating banks, and the Fed’s general counsel read a prepared statement to each of them, saying:

“We can’t stop you from moving forward and launching, but we are not comfortable with you doing so.”

Meta has worked the product to perfection that, there was no legal or regulatory angle left for the government or regulators to kill the project.

David believes this was a political kill—one that was executed through intimidation of captive banking institutions.

This is the ugly truth of banking mafia where they killed worlds greatest project with the help of Treasury Secretary to its knees for political gains.

Unfortunately this happened in America which questioned the fundamental values which the country is built on.

This the story David opened up in his recent post and we thought this can be helpful for our readers to know how the most sophisticated blockchain project came to a halt completely.

In response to this post, lot of known personalities like Elon Musk, CZ and Tobi responded with a surprise. I guess this is the greatest story with a sad ending.

Most likely this is all part of Chokepoint 2.0.

Hope the new administration. can help solve such issues and empower innovation on such projects to make America great again!

See you in our next edition with more info on charts and more ! Thats it for Sunday !

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Peace out !!!

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