Democratic Lawmakers Send Letter to Meta, Questioning Its Role in the Stablecoin Initiative

BlockBeats News reported on June 12 that, according to CoinDesk, Democratic Senators Elizabeth Warren and Richard Blumenthal have written a letter to Meta, inquiring whether the company has lobbied for the "GENIUS Act" or plans to participate in any way as a stablecoin issuer. They also asked Meta to clarify the steps it has taken to integrate stablecoins into its systems.

In the letter, the Democratic lawmakers wrote: "If Meta controls its own stablecoin, the company could further pry into consumers' transactions and commercial activities. The massive amount of consumer data it gathers might enable Meta to implement price surveillance strategies on its platform, engage in more invasive targeted advertising, or monetize by selling sensitive private information to third-party data brokers."

According to a Fortune Magazine report last month, Meta is considering using stablecoins for payments.