Less than 24 hours after Jack Dorsey stepped down as Twitter’s CEO, another major crypto shakeup has occurred. Late Tuesday, David Marcus who ran Meta/Facebook’s cryptocurrency wallet division, called Novi, announced his resignation via Twitter (NYSE:).

Marcus’ entire resignation message spanned a series of seven tweets. As you can see, Marcus’ primary motivation for his resignation was to get back to his entrepreneurial roots.

Ironically, less than four weeks ago Marcus was espousing how the Facebook (NASDAQ:) name change to Meta would usher in a new cryptocurrency renaissance for Novi, which was intended to be the sole digital wallet of Facebook’s Metaverse.

“Some of these products are branded Facebook Pay, some are unbranded, and our wallet operates under the Novi brand. So over time, we will unify all existing and future payments and financial services experiences under the Novi brand,”
Marcus wrote.

Stephane Kasriel (Facebook veteran and ex-CEO of Facebook) will succeed Marcus. Work from Home (NASDAQ:). It will be interesting to see the strategic direction of Meta/Facebook’s Novi digital wallet and cryptocurrency aspirations going forward under Kasriel’s leadership. Marcus made no mention of what exactly he’ll be doing next.

Flipside

• U.S. U.S. Senators wrote recently to Mark Zuckerberg, CEO of Meta/Facebook, asking him to stop the Novi cross-border payments pilot project with Coinbase.
• Marcus’ resignation could be the end of that pilot project by default.

Why you should care

The federal legislators have been critiquing Novi Financial as well as Facebook Financial lately. Those policymakers have made it clear that they don’t want Meta/Facebook/Novi running any kind of digital currency.

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