A group of U.S. lawmakers, led by Democratic Representative Maxine Waters, is pressing Meta‘s top executives for transparency regarding the company’s involvement in the crypto and blockchain space.
Waters, as the ranking member on the House Financial Services Committee, has written a letter seeking clear answers from Meta about its potential development of a crypto exchange and how it plans to integrate it into platforms like Facebook and Instagram.
Recent trademark applications by Meta have raised concerns, as they cover various crypto services, despite the company’s claims of no ongoing digital asset work.
Waters’ letter poses detailed questions on Meta’s plans, including its response to trademark applications, intentions regarding Web3, crypto projects, digital wallets, crypto payments platform, research into stablecoins, potential stablecoin partnerships, and the exploration of distributed ledger technology within Meta’s metaverse.
Waters has consistently voiced criticism of the crypto industry, advocating for the application of rigorous regulations similar to those imposed on banks, with a particular focus on stablecoin issuers.
Meta’s handling of these inquiries will be closely monitored, given its potential to profoundly influence the regulatory framework for digital currencies and blockchain technology. The company’s decisions and approaches in this dynamic domain continue to be a focal point of interest and examination for both policymakers and industry observers.
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