Facebook-backed Diem Association confirms it's 'winding down'
numerous times. Among officials’ top concerns was that Diem could be used for money laundering and other illicit purposes.
In a statement, Diem CEO Stuart Levey blamed US regulators for Diem’s demise, and defended the organization’s work to minimize risk with “industry-leading controls to protect consumers and combat financial crime.” “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,” Levey. “As a result, the best path forward was to sell the Diem Group's assets, as we have done today to Silvergate.”a “small pilot” last year with the Pax Dollar stablecoin. At the time, Facebook’s former crypto chief David Marcus said the company remained committed to launching Diem.
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