As the crypto world gets more tangled up in US Congress, two senators are giving Meta’s Mark Zuckerberg a good old fashioned grilling about his plans to launch a private currency. 📝🔍
Democrats Grill Meta on Stablecoin Plans
On Wednesday, Democratic Senators Elizabeth Warren and Richard Blumenthal sent a letter to Meta’s founder and CEO, Mark Zuckerberg, questioning the company’s alleged plans to launch a private currency. 📩🤔
The Senators are not amused by the “troubling reports” that Meta is in talks with crypto companies to integrate a stablecoin into its platforms. According to Bitcoinist, Meta is exploring ways to make payments across different regions without the usual high fees. 💸🌍
But the lawmakers are worried. They believe that Big Tech companies issuing or controlling private currencies would “threaten competition, erode financial privacy, and hand over the U.S. money supply to monopolistic platforms with a history of abusing their power.” 🚫💰
They also brought up Meta’s past failure with the Libra project, which crashed and burned in 2022 under intense regulatory pressure. 🌋💥 Senators Warren and Blumenthal want answers from Zuckerberg by June 17, 2025, about Meta’s plans and discussions regarding a potential stablecoin venture.
In the letter, they asked Zuckerberg to list the stablecoin companies Meta has consulted since January 2025. They also inquired whether Meta is considering owning, controlling, affiliating with, or forming a joint venture with an existing stablecoin company, or launching one on its own. 🤔💼
Big Tech Companies Eyeing Stablecoins
It’s not just Meta. Apple, Google, Airbnb, and X are reportedly exploring stablecoins to reduce transaction costs and streamline cross-border payments, thanks to the Trump administration’s crypto-friendly policies. 🍏🍎🌍
The lawmakers noted that Meta’s renewed interest in stablecoins comes as the US Congress is working on related bills. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Republican Senator Bill Hagerty, has advanced to the next legislative stage after a 68-30 vote. 🏛️💡
However, the bill has faced criticism from Senate Democrats, including Warren, who are concerned about the potential for Big Tech to dominate the crypto space. 🚫🤖
The letter points out that the legislation could allow the Trump administration to profit and enable Big Tech companies to issue stablecoins, making it “more critical than ever” for Congress and the public to understand Meta’s plans. 🕵️♀️🔍
The senators also asked Zuckerberg whether Meta or its affiliates have lobbied Congress or federal agencies on pending crypto legislation, including the GENIUS Act and the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. 📜💼
Finally, they questioned whether Meta would oppose an amendment to prohibit Big Tech companies from owning, controlling, or affiliating with stablecoin issuers. 🚫🤝
Read More
2025-06-13 14:22