Democratic senators question Meta for his Stablecoin plans

By Hannah Pérez

Meta is again under political scrutiny in the United States. This time, due to his supposed interest in integrating Stablcoins into his platforms and the possible lobbying around Genius law. Democratic senators demand clarity.

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• Warren and Blucenthal senators sent a letter to Meta by questioning their possible plans with Stablecoins.
• They also inquired about their possible lobbying around Genius law to regulate Stablecoins.
• The letter comes while the Senate made a key vote on that bill.
• Target has not responded publicly; The past of the failed Libra project adds tensions to the current debate.

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The technology giant Goalformerly known as Facebookis under the magnifying glass of legislators in the United States due to their alleged plans with Stablcoins in the midst of key regulatory changes.

Two Democratic senators, Elizabeth Warren and Richard Blumenthal, sent a letter addressed to Wednesday Goal Already its CEO, Mark Zuckerberg, with the aim of clarifying which are precisely the company’s plans with the Stablecoins.

Specifically, They asked Zuckerberg to provide detailed information about the current ambitions of Goal of one Stablecoinincluded if the company plans to launch or associate with an existing product, and which of its platforms would admit it. They also investigated in whether the company intends to interfere with the current laws.

Since Goal tried to launch the project Pound In 2019 – later renamed as Diem And finally discarded due to intense regulatory and political pressure – the company’s relationship with cryptocurrencies has been, at least tense. Poundthen Diemit was intended to be a stable currency backed by a basket of fiduciary currencies, but the bipartisan opposition in the United States and international regulatory entities stopped its root plans.

However, a new report published a few weeks ago by the media Fortuneindicate that Goal I would be exploring the possibility of integrating Stablecoins to its platforms, particularly as payment solutions. This suspicion has revived concerns both for reasons for competence and privacy and concentration of power.

Goal under the magnifying glass of Democratic senators

In the letter, Warren and Blumenthal described these reports as “problematic“, Questioning how current plans could differ from the deceased project that the company headed in 2019.

“The company tried to broad“, Says the letter, which was summoned by multiple news agencies.

The letter generally refers to a series of historical concerns associated with goal: alleged promotion of scams, anti -competitive behavior and repeated privacy problems. “If Meta controlled its own stablecoin, the company could deepen even more consumer transactions and activities”, Said the senators.

They added that mass access to data would allow the company, –With 3.5 billion daily users in your social network–implement pricing practices based on surveillance, invasive advertising and even sell private information to third parties.

“The issuance or control of Big Tech companies of their own private currencies, such as a stable currency, would threaten competition throughout the economy, eroded financial privacy and gave control of the United States. The supply of money to monopolistic platforms that have an abuse history of their power“They wrote in the letter.

“Given these significant concerns, and the previous failed attempt to launch a stable currency, we request information on the plans and deliberations of the finish line for once again to pursue a stable currency company“

Questioning about lobbying to bill

The letter of the Democratic senators occurs at a changing regulatory moment in the United States that, under the administration of Donald Trump, has assumed a fresh friendly approach to the digital currency sector.

The legislators of the United States Congress have been working in recent weeks on bills to regulate Stablcoins, especially before Trump’s insistence to sign legislation before August. Early Wednesday, the Senate voted to move forward with the Genius bill, on Stablcoins, bringing him closer to a final vote.

“[GENIUS Act] It would allow Big Tech companies as a goal to issue their own stablecoins, which makes it more critical than ever that Congress and the public completely understand the scope of the finishing plans“They said Warren and Blucenthal in the letter.

Both senators asked if Goal He has performed direct or indirect lobbying to promote the genius law, either in the House of Representatives or the Senate. Another restlessness is whether the company provided feedback on the legal text or if it would seek to block a specific disposition that would prevent technology companies from associating or owning Stablecoins.

Favorable regulatory changes have motivated a large number of Big Tech companies, including Apple, X, Airbnb, Google and Uberto explore the adoption of Stablecoins, while others such as Visa and Mastercard They are already in advanced stages of integration.

It is not yet clear what the precise plans of Goal In this regard. The company did not respond to media comments.

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Article written with the help of AI, edited by Hannah Pérez / Diariobitcoin

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