Congressional records or announcements of hearings

Andreessen and Marcus Expose Government's Political Kill of Libra and De-Banking Over 30 Crypto Executives

Nov 30, 2024, 11:50 AM

Silicon Valley investor Marc Andreessen revealed on the Joe Rogan podcast that the U.S. government collaborated with banks to de-bank over 30 startups and crypto figures, including executives from his firm's portfolio, during the past four years. One founder was reportedly told by JPMorgan Chase, 'Crypto? No thanks.' David Marcus, former head of Meta's Libra project (later renamed Diem), claimed that despite clearing every legal and regulatory hurdle, the project was terminated due to political pressure. He alleged that Federal Reserve Chair Jay Powell and Treasury Secretary Janet Yellen played key roles in obstructing Libra, with Yellen reportedly saying it would be 'political suicide' to allow the project to proceed. According to Marcus, the Federal Reserve ensured that no banks would partner with Diem, effectively ending the initiative. These revelations have raised concerns about government intervention in the crypto industry and the de-banking of tech and crypto founders.