- Congresswoman Maxine Waters has written to Meta executives questioning their involvement with digital assets, citing several trademark applications suggesting Meta may expand into cryptocurrencies and blockchain technology
- Waters questioned if Meta will move forward with the trademark applications and requested details on stablecoin research, partnerships, and adoption of distributed ledger technology, as well as any plans to launch a crypto payments platform
- Waters pointed to the failed Diem (Libra) cryptocurrency project as an example of Meta’s past digital asset ambitions, expressing concerns over financial stability should Meta pursue new blockchain and digital currency ventures
Congresswoman Maxine Waters has initiated an investigation into Meta‘s involvement with digital assets over financial stability concerns. She wrote a letter to top Meta executives highlighting several trademark applications that suggest the company may expand into digital currencies and blockchain technology.
Trademark Applications Raise Questions
The trademark applications filed with the USPTO cover services related to digital assets, cryptocurrency management, blockchain hardware/software development, and financial trades/exchanges of digital currencies. Despite Meta’s previous statement that it has no blockchain or stablecoin projects in the works, these filings seem to contradict that claim.
Clarification Requested on Intentions and Activities
In her letter, Waters questioned whether Meta will move forward with the trademark applications and requested details on the extent of its research into stablecoins, partnerships, and adoption of distributed ledger technology. She also asked if Meta plans to launch a crypto payments platform given its past attempts at developing digital currency projects.
Concerns Over Past and Potential Ventures
Waters pointed to the failed Diem (formerly Libra) cryptocurrency project as an example of Meta’s digital asset ambitions. Diem faced immense regulatory backlash over issues like privacy and national security. Meta’s response to the lawmaker’s inquiries will shed light on its strategies regarding blockchain and digital currencies going forward.