HomeCryptocurrency lawDiem responded to the Senate's claims and distanced himself from Facebook

Diem responded to the Senate’s claims and distanced himself from Facebook

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The Diem project published a press release in response to attempts by lawmakers to prevent the launch of the Novi wallet

As you know, members of the US Senate tried to suspend the limited launch of the Novi wallet. They wrote a letter addressed to criticizing the company’s plans to launch its cryptocurrency and payment network.

In response, Diem stressed that the letter misinterpreted the relationship between Diem and . distanced itself even further from this organization, stating that Diem is not , but an association with 24 participants, among which there are Facebook and Novi.

In addition, it is noted that the Novi pilot program, which uses the Paxos , is not related to the Diem token. These statements are technically correct in the sense that the pilot program does not concern Facebook and its Diem stablecoin.

On the other hand, Diem has made it quite clear that he is connected to Facebook in a broader sense. Facebook’s finance chief David Marcus is heading the project, and the idea of the project originated with Facebook around 2018. Although lawmakers have wrongly accused Facebook of trying to launch a digital currency, Diem, undoubtedly Novi, is part of this project.

These connections mean that regulators are unlikely to abandon criticism of the project. Despite the resistance of regulators, the Novi wallet is available for download in the Apple and Google app stores and there is no indication that the app will be removed.

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