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A ‘Threat To Privacy’? US Senators Question Meta’s Stablecoin Plan In New Letter
- Democratic Senators Elizabeth Warren and Richard Blumenthal have sent a letter to Meta founder Mark Zuckerberg regarding the company's stablecoin strategy.
- They expressed concerns about Meta's alleged plan to launch a private currency, raising issues about competition, financial privacy, and control of the U.S. money supply.
- Senators referenced Meta's previous failed attempt with the Libra project and asked for information on its stablecoin plans before June 17, 2025.
- The lawmakers requested details on Meta's consultations with stablecoin companies, ownership considerations, and potential partnerships in the stablecoin venture.
- Multiple Big Tech companies, such as Apple and Google, are exploring stablecoin adoption to reduce transaction costs and improve cross-border payments.
- Meta's interest in stablecoins coincides with the US Congress' progression on related bills like the GENIUS Act aiming to establish a regulatory framework for stablecoins.
- Senate Democrats, led by Warren, have raised concerns about the GENIUS Act and its implications for Big Tech companies issuing stablecoins.
- The senators quizzed Zuckerberg on Meta's lobbying activities related to crypto legislation, including bills like the GENIUS Act and the STABLE Act.
- They inquired whether Meta would oppose an amendment prohibiting Big Tech firms from involvement in stablecoin issuing.
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