Diem Association confirms sale of crypto payment network to Silvergate (via Anu__Dave)
Diem, which started as Libra in 2019, has faced a long and ongoing battle from regulators and legislators who were hesitant about a stablecoin with ties to Facebook . US regulators were concerned regarding the project's intentions, and Congress had brought in Diem co-creator David Marcus and Mark Zuckerberg to testify on the project.to CEO Mark Zuckerberg from five democratic senators, including Banking Committee, called to shutdown Diem and Novi, a crypto wallet intended to hold Diem.
"Despite giving us positive substantive feedback on the design of the network, it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead," said Stuart Levey, Diem Networks US CEO in a statement today."As a result, the best path forward was to sell the Diem Group's assets, as we have done today to Silvergate."
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