US Senators Seek Details on Meta’s Stablecoin Plans as GENIUS Act Stands Close to Approval

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Senators Elizabeth Warren and Richard Blumenthal are pressing Meta CEO Mark Zuckerberg for clarity on the company’s potential stablecoin ambitions. In a letter dated June 11, the senators requested detailed information about Meta’s plans, specifically addressing whether the social media giant intends to launch its own stablecoin.

Motivated by Meta’s massive global reach and the upcoming vote on the US’s GENIUS Act, which regulates stablecoins, the senators aim to understand the potential implications of Meta’s involvement in the cryptocurrency space. This request follows a Fortune report suggesting Meta is exploring stablecoins as a payment method. Warren and Blumenthal are likely concerned about the potential impact of a Meta-backed stablecoin on financial stability and consumer protection, given the company’s vast user base and its previous foray into cryptocurrency with the failed Diem project.

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