David Marcus, the creator behind the proposed stablecoin Libra, which was backed by Facebook, came out in support of a Republican administration and former president Donald Trump ahead of the upcoming U.S. elections.
In a post on X on Wednesday, Marcus said he had taken a “gradual political 180” over the years. After the Libra white paper was announced, Marcus said he spoke with lawmakers and made some observations, including that Republicans showed that they wanted to understand Libra's goals and risks.
“At the time, I still believed the mainstream idea that Democrats were all about serving the People. However, I was shocked to learn that, for the most part, Republicans cared more deeply about their constituents, while Democrats, in my experience, cared more about government power and control,” Marcus said on X. Tesla CEO Elon Musk reposted Marcus' thoughts.
Libra, later known as Diem, started in 2019 and had a long battle with regulators and legislators over hesitancy about the stablecoin's ties to Facebook, now called Meta. Meta began to wind down Diem in 2022. More recently, House Financial Services Committee ranking Democrat Maxine Waters expressed concern in January over some trademark applications filed by Meta related to digital assets and blockchain.
Major crypto stakeholders have begun posting on social media about their political beliefs over the past few months. Crypto has quickly become part of the election season landscape. The Republican Party expressed support for crypto firms and investors in its platform for the 2024 elections, including vowing to end an “unlawful and un-American crackdown” on the U.S. crypto industry.
Meanwhile, Vice President Kamala Harris' team started outreach to the crypto industry a week after President Joe Biden announced he would not be seeking reelection and endorsed Harris to replace him as the Democratic Party's nominee.
“I believe we need a President who is unequivocally pro: America, the Constitution, business, Bitcoin/crypto, innovation, Israel, small government, legal immigration, free speech, meritocracy, and common sense — and anti: regulatory proliferation, illegal immigration, unjust wars, Iran's current regime, and domestic groups that oppose American values,” Marcus said. “These issues are central to President Trump's platform.”