US Senator Writes Letter to Mark Zuckerberg Inquiring About Meta's Stablecoin Plan, Describing Its Transparency as "Deeply Troubling"

BlockBeats News, May 9th, U.S. Senator Elizabeth Warren wrote to Meta CEO Mark Zuckerberg, requesting Meta to disclose its latest plans in the stablecoin field and expressing concerns about its recent efforts to integrate stablecoin payments.

Warren stated that the transparency of Meta's stablecoin project is "deeply troubling," especially considering its previous launch of the Libra (later renamed Diem) global stablecoin plan, which sparked widespread regulatory controversies. She argued that Meta's new initiatives in payments and financial services should be carefully examined.

Warren requested that Meta provide details of its stablecoin pilot program by May 20th, including the launch timeline, involved third-party stablecoins, and relevant privacy and risk control measures. It is reported that Meta has tested stablecoin payment functionality based on USDC for some content creators in the Philippines and Colombia in April.

Currently, the U.S. Senate Banking Committee is reviewing the Digital Asset Market Structure and Investor Protection Act, where the stablecoin regulatory framework and conflicts of interest remain contentious issues. Warren, as a senior Democratic member of the committee, has long been cautious about large tech companies entering the crypto finance space.