Meta Platforms, formerly known as Facebook, is facing scrutiny from Congresswoman Maxine Waters, Chair of the House Financial Services Committee. Despite previous setbacks and assurances of halting progress in the digital currency realm, Meta appears to be quietly advancing its involvement in the industry. This follows Waters’ inquiry into Meta’s recent actions concerning cryptocurrency and blockchain technology.
The main concern for Waters revolves around five trademark applications filed by Meta with the U.S. Patent and Trademark Office (USPTO). These applications cover various services, from social networking to cryptocurrency trading, indicating Meta’s continued interest in integrating digital currencies into their platforms. This comes as a surprise, as Meta had previously communicated with the Financial Services Committee, stating that they would not pursue any digital asset-related endeavors.
Meta’s journey into digital currency has faced regulatory hurdles. Their initial attempt with the Libra project in 2019 was met with significant pushback from regulators and lawmakers, including Waters. The project aimed to introduce a stablecoin tied to the company, but it raised concerns over privacy, security, and potential financial disruption. Despite its eventual dissolution and sale to Silvergate Bank, Meta’s recent actions suggest a renewed, albeit discreet, interest in the digital currency landscape.
In her letter to Meta’s CEO Mark Zuckerberg and COO Javier Olivan, Waters demands clarification on the company’s intentions and plans concerning digital currencies. She specifically addresses the apparent contradiction between Meta’s previous communications and their ongoing trademark applications. Waters is not only concerned about the nature of these projects but also their broader implications in the absence of a comprehensive federal framework for digital asset regulation.
Waters’ scrutiny of Meta is part of a larger narrative surrounding Big Tech’s involvement in the digital currency sector. Her previous inquiries into companies like PayPal highlight a growing concern among legislators over the unchecked expansion of major technology firms into the financial domain. The lack of a solid regulatory framework further complicates these ventures, raising questions about consumer protection, privacy, and the overall stability of the financial system.
Read Also: US Elections 2024: Trump and Haley’s Crypto Policies in Focus as Former Leads GOP Race.
