US Senators Elizabeth Warren and Richard Blumenthal are seeking clarification on Meta's stablecoin plans. In a letter to the company, they requested details on its stablecoin ambitions, citing previous issues with scams, anticompetitive conduct, and privacy concerns. The lawmakers warned that if Meta were to control its own stablecoin, it could lead to increased surveillance and exploitation of consumer data for targeted advertising and other purposes. They also inquired about Meta's potential involvement in lobbying for the GENIUS Act and its stance on amendments that could restrict big tech firms from affiliating with stablecoin issuers.
The letter comes as the Senate prepares to vote on the GENIUS Act, with the outcome likely to have significant implications for the stablecoin industry.