Janet Yellen acabó con el proyecto Libra de Meta, alega David Marcus
Según Marcus, el proyecto estaba en camino de convertirse en un sistema de pago global transformador hasta que las maquinaciones políticas lo llevaron a su muerte. Marcus notó que necesitaba arrojar luz sobre los dent que ocurrieron detrás de escena y que finalmente llevaron al fracaso del proyecto. Según David Marcus, la compañía tuvo la iniciativa de crear un sistema de pagos basado en una moneda estable basado en una cadena de bloques para resolver el problema de los pagos transfronterizos en 2019. La iniciativa condujo al nacimiento de Libra, que Marcus reconoce que inmediatamente comenzó a aumentar. cejas. Señaló que, aunque el proyecto contaba con el respaldo de unas 28 empresas, inmediatamente entró en el punto de mira de los reguladores. Cómo mataron a Libra. David Marcus analiza cuestiones relacionadas con el almuerzo de Libra
Nunca antes había compartido esto públicamente, pero desde que @pmarca abrió las compuertas en el grupo de @joerogan , parece apropiado arrojar más luz sobre esto.
Como recordatorio, Libra (entonces Diem) era una cadena de bloques avanzada, de alto rendimiento y centrada en pagos combinada con un...
Marcus mentioned that within weeks of the announcement, he faced the Senate Committee on Banking and the House Financial Services Committee to defend it. However, those summons were smaller compared to the scrutiny the project will face later. He mentioned that in the next two years after its unveiling, there were so many efforts to address certain concerns from regulators. Marcus noted that regulators had concerns related to financial crimes, money laundering, and consumer protection.
After scaling through those concerns, the company eventually secured the green light for the project to move forward in 2021. However, he noted that the approval was for the limited pilot rollout and it was given by some members of the Board of Governors of the Federal Reserve.
“By spring of 2021 (yes they slowly played us at every step), we had addressed every last possible regulatory concern across financial crime, money laundering, consumer protection, reserve management, buffers, and so much more, and we were ready to launch,” Marcus added.
Janet Yellen warned Fed Chair about backing Libra’s launch
In his X post, David Marcus clarified that while the lead-up to the proposed launch did not come without hiccups, the company had been ready for a slow, small-scale pilot rollout. He even noted that Fed Chair Jay Powell and the Board of Governors at the Federal Reserve supported the project.
However, Treasury Secretary Janet Yellen threw a wrench in their plans when she got involved in the discussion.
Marcus highlighted that he was not in their bi-weekly meetings but as he was told, Yellen told the Fed Chair that if he backed the Libra project, it may result in “political suicide.” She went on to intimate that she wouldn’t be there to back him if it eventually happened.
Notably, Marcus noted that he did not witness the conversation, but that was when the Libra dream died. “I wasn’t in the room when this conversation happened, so take these words with a grain of salt, but effectively this was the moment Libra was killed,” he said.
After Yellen’s warnings, Marcus noted that the Fed called the financial institutions participating in the program, discouraging them from moving ahead with the project. Marcus said each bank got a statement that read: “We can’t stop you from moving forward and launching, but we are not comfortable with you doing so.”, noting that the banks started to pull out of it after that.
Marcus mentioned that the project passed all regulatory and legal checks, meaning its death was politically motivated.
However, Marcus said he left the ordeal with many lessons, noting that the design was hailed across the technology industry. He also highlighted that if any entity wants to build an open money grid for the world, it should do it on a neutral and decentralized network, just like Bitcoin.
David Marcus has moved on from Libra and is currently working at Lightspark, an open payment method built on the lightning network.
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