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Congresswoman Maxine Waters Questions Meta’s Crypto Trademark Filings, Seeking Clarity on Web3 Plans

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  • Congresswoman Maxine Waters has sent a letter to Meta’s top executives, including CEO Mark Zuckerberg and COO Javier Olivan, seeking clarification on the company’s intentions in the cryptocurrency and web3 space.
  • Waters’ letter highlights Meta’s recent trademark filings related to crypto and questions the company’s involvement in digital assets.

Delving into the Inquiry

Congresswoman Maxine Waters, a key figure on the House Financial Services Committee, has expressed her concerns regarding Meta’s growing interest in the cryptocurrency ecosystem. In a letter addressed to top Meta executives, including Mark Zuckerberg and Javier Olivan, Waters seeks answers about the company’s strategic direction in web3 and its stance on stablecoin initiatives. This inquiry follows Meta’s submission of five trademark applications related to crypto and blockchain products to the U.S. Patent and Trademark Office.

Continued Crypto Engagement

Waters points out that Meta’s initial trademark filings in March 2022 and subsequent applications as of January 22, 2024, suggest an ongoing commitment to expanding the company’s presence in the digital assets ecosystem. The congresswoman is determined to gain clarity on Meta’s crypto-related endeavors.

Seeking Transparency from Meta

As of now, Meta has not issued any public statements regarding Waters’ concerns, leaving questions about the extent of the company’s involvement in crypto projects unanswered. Waters emphasizes the need for transparency, particularly in light of Meta staff’s statements to U.S. authorities in October 2023, where they claimed that there was no ongoing crypto-related work at Meta.

Lingering Doubts

Waters acknowledges the House Financial Services Committee’s past apprehensions about Facebook’s potential cryptocurrency creation. She refers to Facebook’s earlier plans to launch Libra and Calibra in 2019. Waters raises concerns about Facebook’s extensive data holdings and its past privacy issues, emphasizing the importance of regulators addressing these privacy and national security concerns.

A Complex History of Cryptocurrency at Meta

Facebook’s ambitious Libra project, later rebranded as Diem, faced significant challenges and regulatory scrutiny. It was eventually shut down in 2022, with the Diem Association selling its assets to Silvergate Bank for approximately $200 million. The decision to discontinue the project was driven by feedback from federal regulators and the complexities of moving forward in the regulatory landscape.

Congresswoman Maxine Waters’ inquiry into Meta’s crypto-related activities underscores the growing interest and scrutiny surrounding cryptocurrency and web3 within the tech industry.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills. Business Email: info@ethnews.com Phone: +49 160 92211628
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