Congresswoman Maxine Waters Questions Meta's Expansion into Digital Assets Sector

According to CoinDesk, Congresswoman Maxine Waters (D-Calif.) has expressed concerns about Meta Platforms, Inc.'s (formerly Facebook) ongoing efforts to expand its footprint in the cryptocurrency industry. In a letter sent to CEO Mark Zuckerberg and COO Javier Olivan, Waters highlighted Meta's five active trademark applications with the U.S. Patent and Trademark Office (USPTO) related to digital assets services and blockchain technology. The letter points out that Meta's applications, initially filed on March 18, 2022, and updated on January 22, include several services related to the digital assets sector, such as social media networking, dating services, trading, and validating cryptocurrencies. Waters noted that despite these active applications, Meta informed the Financial Services Committee on October 12 that the company had no ongoing digital assets-related projects. This is not the first time Waters has raised concerns about Big Tech companies entering the digital assets sector. Last year, she questioned PayPal about its own stablecoin, citing the lack of a federal framework for regulation, oversight, and enforcement of stablecoins. Meta previously attempted to launch its own digital currency project, Diem, in 2019, but faced backlash from Washington and regulators worldwide due to its access to billions of users' personal data. The project was eventually shut down and sold to the now-defunct Silvergate Bank in 2022. Former Diem employees have since created their own digital assets, including Aptos and Sui.