Congresswoman Maxine Waters Raises Concerns Over Meta’s Crypto Plans
Congresswoman Maxine Waters has expressed concerns about Meta’s recent trademark filings related to the cryptocurrency industry. She sent a letter to Meta executives, including CEO Mark Zuckerberg and COO Javier Olivan, seeking clarification on the company’s intentions in web3 and its stance on stablecoin initiatives.
Meta’s Expansion into the Crypto Ecosystem
In her letter, Waters highlighted Meta’s trademark applications related to crypto and blockchain products, suggesting that the company intends to further expand its involvement in the digital assets ecosystem. However, as of now, Meta has not made any public statements regarding its plans in the crypto space.
Seeking Clarification on Crypto-related Work
Waters emphasized that Meta’s staff had previously stated to U.S. authorities that there was no ongoing crypto-related work at the company. Therefore, she seeks clarification on whether Meta is currently engaged in any crypto-related projects or partnerships.
Past Concerns About Facebook’s Cryptocurrency
Waters also referenced previous concerns raised by the House Financial Services Committee regarding Facebook’s cryptocurrency endeavors. She noted that Facebook’s access to vast amounts of user data raised privacy and national security concerns.
The Demise of Libra/Diem Project
Furthermore, Waters mentioned the fate of Facebook’s Libra project (later rebranded as Diem), which faced regulatory scrutiny and eventually shut down. The Diem Association, responsible for the project, sold its assets due to challenges in moving forward amidst feedback from federal regulators.
Hot Take: Congresswoman Waters Seeks Answers on Meta’s Crypto Plans
Congresswoman Maxine Waters has written a letter to Meta executives, expressing concerns about the company’s trademark filings related to cryptocurrency. Waters seeks clarification on Meta’s intentions in the crypto space and its stance on stablecoin initiatives. This raises questions about Meta’s current involvement in crypto-related projects and partnerships. Waters also references past concerns about Facebook’s cryptocurrency endeavors, highlighting privacy and national security issues. The fate of Facebook’s Libra/Diem project serves as a reminder of regulatory challenges in the crypto industry. It remains to be seen how Meta will respond to Waters’ inquiries and whether the company will provide further details about its plans in web3.
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