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Facebook’s ambitious blockchain and stablecoin project, originally named Libra and renamed Diem, met its end in 2022. However, the reasons behind its collapse have generated intense debate.
In a recent post on platform
“A political murder,” says Marcus.
How Libra Was Killed.
I never shared this publicly before, but since @pmarca opened the floodgates on @joerogan‘s pod, it feels appropriate to shed more light on this.
As a reminder, Libra (then Diem) was an advanced, high-performance, payments-centric blockchain paired with a…
— David Marcus (@davidmarcus) November 30, 2024
According to Marcus, the Libra project failed not because of legal or regulatory problems, but because of “political intimidation” exerted on the financial institutions involved. “It was a 100% political assassination, executed through intimidation of captive banking institutions,” Marcus wrote. Noting that the measures did not respond to specific legal objections.
The project, launched in 2019 with the promise of transforming global financial systems. It faced strong resistance from its inception from lawmakers and regulators who feared its impact on monetary sovereignty and economic stability.
Marcus detailed that, despite “two years of uninterrupted work” and multiple adjustments to meet the demands of regulators. The project’s prospects were dashed when Janet Yellen voiced her opposition during a meeting with Federal Reserve Chair Jay Powell, warning him of the potential political repercussions of allowing the project to move forward.
SEC charges Touzi Capital with crypto fraud worth more than $115 million
The United States Securities and Exchange Commission (SEC) has intensified its offensive against the Cryptocurrency sector. Filing charges against Touzi Capital and its founder, Eng Taing, for alleged financial fraud and mishandling of investor funds.
The complaint, filed Nov. 29, alleges that the investment firm defrauded more than 1,500 investors nationwide. Accumulating $115 million between 2021 and early 2023.
According to the SEC, Touzi Capital raised $95 million for cryptocurrency Mining projects and $23 million for debt rehabilitation. But the funds would have been misappropriated. The complaint states that the resources were mixed between unrelated businesses and used for Taing’s personal benefit, instead of being used for the promised purposes.
“The defendants commingled investor funds among their various businesses, some of which had nothing to do with crypto asset mining, misappropriated funds for Taing’s personal use, and misled investors about the profitability of the operations.” », stated the SEC.
Touzi Capital promoted these offerings as safe, high-yield investments, comparing them to savings accounts. But, according to the regulatory body, these investments were highly speculative and depended on risky operations managed by third parties.
The NFT market rebounds with a 57.8% increase in sales during November
The non-fungible token (NFT) market closed November with encouraging figures, recording a monthly sales volume of $562 million, according to data from CryptoSlam. This increase of 57.8% compared to October marks the highest level since May, when sales of $599 million were reached.
Although still far from its peak in March 2024, when NFT sales volumes reached $1.6 billion. November’s recovery reinforces the perception of a resurgence in interest in digital collectibles after a sustained seven-month decline.
Trump attacks the BRICS and their plan to de-dollarize international trade
The president-elect of the United States, Donald Trump, issued a strong warning to the BRICS bloc (Brazil, Russia, India, China and South Africa) in response to its progress towards the creation of an alternative currency to the US dollar.
In a Nov. 30 post on his Truth Social platform, Trump made clear that his administration will not tolerate efforts to weaken the dollar’s hegemony, promising various economic retaliations.
“We demand a commitment from these countries that they will not create a new BRICS currency or support any other currency to replace the powerful US dollar. “Or else they will face 100% tariffs and should expect to say goodbye to sales in the wonderful American economy,” Trump said.
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