David Marcus Supports Republican Administration

David Marcus, the creator of the proposed stablecoin Libra (backed by Facebook), has voiced his support for a Republican administration and former President Donald Trump as the upcoming U.S. elections approach.

In a post on X on Wednesday, Marcus noted a “gradual political 180” over the years. After the announcement of the Libra white paper, he engaged with lawmakers and observed that Republicans showed a genuine interest in understanding 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 stated on X. His comments were shared by Tesla CEO Elon Musk.

Originally launched in 2019, Libra, later renamed Diem, faced regulatory battles due to its association with Facebook, now known as Meta. In 2022, Meta began winding down its operations related to Diem. Recently, Maxine Waters, a ranking Democrat on the House Financial Services Committee, expressed concerns regarding certain trademark applications filed by Meta concerning digital assets and blockchain.

In recent months, major crypto stakeholders have begun expressing their political opinions on social media as crypto becomes integral to the election season. For the 2024 elections, the Republican Party has shown support for crypto firms and investors, promising to terminate an “unlawful and un-American crackdown” on the U.S. crypto industry.

Conversely, Vice President Kamala Harris’s team reached out to the crypto industry shortly after President Joe Biden announced he would not run for reelection, endorsing Harris as the Democratic Party’s nominee.

Marcus commented, “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. These issues are central to President Trump’s platform.”