Meta exec behind Facebook's cryptocurrency project to step down

David Marcus, the executive in charge of the troubled cryptocurrency project at Meta Platforms — the company formerly known as Facebook — announced Tuesday he will step down at the end of the year to pursue other projects.

Marcus, who previously was the president of PayPal, joined Facebook seven years ago to oversee the social network's messaging products. More recently, he oversaw Libra, a digital currency announced by Facebook in 2019 with the promise of allowing people to easily send money across borders.

However, the Libra project was hit by delays amid scrutiny from legislators and regulatory bodies. Initial concerns centered on then-Facebook's potential influence on financial markets as well as potential privacy risks. Marcus was called to testify before members of Congress on the matter in 2019.