US senators Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-Conn.) sent a letter to Mark Zuckerberg, Meta's chief executive, on Wednesday demanding an explanation of the tech giant's plans to re-pursue stablecoin payments. "The issuance or control of their own private currencies, such as stablecoins, by large tech companies threatens competition across the economy, erodes financial privacy and cedes control of the US money supply to monopolistic platforms with a history of abuse of power," the senators wrote in the letter.
Warren and Blumenthal warned that Meta's 3.50 billion-day active users could consolidate its enormous economic power and hurt competition in the marketplace. The two Democratic senators' investigation follows a report by Fortune magazine that Meta is in discussions with cryptocurrency companies to integrate stablecoins into their platforms, including Instagram, Facebook and WhatsApp.
US senators are investigating Facebook's parent company Meta's stablecoin plans
2025-06-12 07:11:57
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