Maxine Waters, the leading Democrat on the House Financial Services Committee, has raised concerns about Meta Platforms, formerly known as Facebook, potentially revisiting its digital asset initiatives. In a letter addressed to CEO Mark Zuckerberg and Chief Operating Officer Javier Olivan, Waters expressed unease regarding five trademark applications related to digital assets that Meta filed over the past year.
The trademark applications encompass projects such as an “online social networking and dating” service allowing the exchange of digital currency, the development of computer hardware and software related to blockchain, and “currency trading of cryptocurrencies and other forms of virtual currency.”
Waters, who has been critical of Meta’s previous crypto endeavors, notably the Libra stablecoin project, emphasized her concerns in the letter. Libra, later rebranded as Diem, faced regulatory skepticism and prompted Waters and other lawmakers to request a moratorium on its development in 2019, citing privacy and national security concerns.
Despite assurances from Meta staff to the House Financial Services Committee Democrats in October that there was “no ongoing digital assets work at Meta,” Waters pointed to the recent trademark applications as evidence that Meta might be continuing its activities in the digital asset space.
Waters sought clarification from Meta on its current and future projects, asking specific questions about potential plans for a payments platform supporting cryptocurrency. The congresswoman did not set a specified timeline for Meta’s response to these inquiries.
This development underscores ongoing scrutiny from regulators and legislators surrounding Meta’s involvement in the digital asset and cryptocurrency space, reflecting the broader regulatory challenges faced by major tech companies venturing into financial services.
