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Maxine Waters, a top Democrat on the U.S. House Financial Services Committee, said she wants answers about Meta Platforms’ potential return to digital asset plans.
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The Democrat sent a letter to CEO Mark Zuckerberg and Chief Operating Officer Javier Olivan on Monday expressing her concerns about the company’s five trademark applications related to digital assets filed last year.
The applications were for projects including a digital currency exchange, designing blockchain-related computer hardware, and an “online social networking and dating” service that would allow for “cryptocurrency exchange and other forms of virtual currency.”
Maxine Waters has criticized Meta’s entry into cryptocurrency
Maxine Waters has criticized Meta‘s entry into cryptocurrency, particularly its Libra stablecoin project. Facebook later said it planned to launch Libra, now known as Diem, in 2019, and this quickly sparked concerns among regulators and lawmakers who were hesitant about a stablecoin linked to the social media company.
Before Diem’s demise, Waters said she and other lawmakers sent a letter to Meta in 2019 demanding a moratorium on ongoing work on the proposed digital wallet Libra and Calibra due to privacy and national security concerns.
In her letter, Waters said a Meta employee told committee Democrats in October that “there is no ongoing digital asset work at Meta.”
“Meta personnel indicated that the company is not currently conducting or planning any work on blockchain-based products or stablecoins,” Waters said.
“Meta personnel also asserted that Meta is not working with any partners to integrate stablecoins or cryptocurrency into any payment or Metaverse product, and is not conducting research and development in this area.”
However, Waters said Meta’s trademark applications suggest that Meta did not cease operations after shutting down Diem.
“The trademark applications filed by Meta in 2023 suggest that the company may be looking to revive its digital asset ambitions,” Maxine Waters said. “This is concerning given the potential risks associated with digital assets, including fraud, market manipulation, and consumer protection concerns.”
Waters asked Zuckerberg and Olivan to provide the committee with a response to her letter by February 28.