Maxine Waters, the ranking member of the House Financial Services Committee, has expressed her concerns about Meta Platforms, formerly known as Facebook, potentially revisiting its plans for digital assets. In a letter addressed to CEO Mark Zuckerberg and COO Javier Olivan, Waters raised her concerns about five trademark applications filed by the company in the past year related to digital assets.
These trademark applications include projects such as an “online social networking and dating” service that allows for the exchange of digital currency, designing computer hardware and software for blockchain, and “currency trading of cryptocurrencies and other forms of virtual currency.” This news comes after Waters has been critical of Meta’s previous foray into cryptocurrency, particularly its Libra stablecoin project.
In 2019, Facebook announced its plans to launch Libra, which later changed its name to Diem, but faced immediate pushback from regulators and legislators due to its association with the social media giant. Waters and other lawmakers had sent a letter to Meta, asking for a moratorium on their work on Libra and Calibra, the proposed digital wallet, citing concerns over privacy and national security.
In her letter, Waters also pointed out that Meta’s staff had previously stated to the committee Democrats in October that there was no ongoing work on digital assets at the company. However, the recent trademark applications suggest otherwise, as they indicate that Meta has not stopped its activity in this area since the shutdown of Diem.
Waters has posed questions to Meta about their plans for future projects and whether they are planning to launch a payments platform that supports cryptocurrency. She did not set a timeline for a response. When contacted for comment, Meta did not immediately respond.
It is important to note that The Block, the source of this article, is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block and also invests in other companies in the crypto space, with crypto exchange Bitget as an anchor LP. However, The Block continues to operate independently and strives to provide objective and timely information about the crypto industry. For full financial disclosures, please refer to their website.
In conclusion, this article serves to inform readers about Maxine Waters’ concerns regarding Meta’s potential return to the world of digital assets and cryptocurrencies. It is essential to keep in mind that this information is for informational purposes only and should not be used as legal, tax, investment, financial, or other advice. The Block, along with Foresight Ventures, remains committed to providing accurate and unbiased coverage of the crypto industry.