Diem has accused Yellen and the Federal Reserve of using political means to stifle the project at an early stage

On December 2nd, David Marcus, co-founder of Diem (formerly Libra), posted on social media that by the spring of 2021, Diem had solved all possible regulatory issues related to financial crime, money laundering, consumer protection, reserve management, etc., and was ready to launch. But at that time, Treasury Secretary Janet Yellen told Federal Reserve Chair Powell that allowing the project to proceed would be "political suicide." The Fed then held a meeting to tell several banks that they were "unwilling" to let banks participate in the project, and Libra was already sentenced to death by then.
David Marcus says there was no legal or regulatory reason for the government or regulators to end the project. It was 100 per cent political strangulation - carried out by intimidating captive banking institutions. The most unacceptable thing for him personally is not the failure, but the fact that such a thing happened in the United States.