US Government Allegedly Pressured Facebook to End Libra Stablecoin Project Amid 'Operation Chokepoint 2.0' Concerns

Nov 30, 2024, 01:13 AM

Facebook's ambitious stablecoin project, Libra, which aimed to revolutionize global payments through a permissioned blockchain, was reportedly terminated due to intervention by the US government. Despite being fully compliant with legal standards, the project faced regulatory pressure that coerced Facebook into ending it. Critics have raised concerns about the government's unchecked authority, its alleged targeting of crypto-related initiatives, and potential illegal intimidation of banking institutions, likening the actions to 'Operation Chokepoint 2.0.' Calls for investigations and reforms have emerged to prevent similar occurrences in the future.