According to a report from Washington Post, according to people familiar with the matter, Facebook executives have been meeting with senior officials in the Biden administration to alleviate regulatory concerns about its controversial payment project, Diem. 

David Marcus, the head of Facebook Finance (F2), met with regulators in Washington in early September. Marcus explained the importance of crypto in expanding access to financial products and emphasized the benefits of Novi, the Diem payment application. People familiar with the matter said Facebook and its partners still face scrutiny by some Treasury officials who believe these plans may undermine the stability of the financial system. 

Government officials worry that if Diem’s value plummets, its influence may spread and threaten the wider economy, as Facebook has the ability to expand its products to billions of people around the world.

By Mary Liu