The Democrats of the Senate Elizabeth Warren and Richard Blumenthal want Meta to explain that what her stablecoin plans are.
In a letter sent Wednesday to the social media giant, legislators asked the company formerly known as Facebook to detail its Stablecoin ambitions and stressed the previous reports on the problems that Meta had with scams, “an alleged anti -competitive conduct” and confidentiality.
Meta plans to use stablecoins for payments, Fortune reported last month.
“If Meta controlled its own stablecoin, the company could make consumer transactions more and commercial activity,” said the letter. “The massive quantities of consumption data that it would ingest could help the rate pricing regimes on fuel surveillance on its platform, more intrusive targeted advertising, or otherwise help the company to monetize sensitive private information thanks to sales to third-party data brokers.”
The letter included a list of questions, especially if Meta plans to launch his own stablecoin, if she or any entity with which he is affiliated has put pressure for the Senate bill or the chamber reserve or provided comments on the bill. He also asked if Meta would repel an amendment that would prevent large technological companies from entering or having a stablecoin transmitter.
He also asked the company to explain how its new Stablecoin plan could differ from the Balance (later Diem) project of the balance project (later DIEM) in 2019.
“The company attempted to issue its own private currency in 2019 – as part of the so -called Stablecoin balance project – and encountered an overwhelming bipartite and international opposition,” noted the letter.
A Meta spokesperson did not immediately return a request for comments.
The letter occurs the same day that the Senate should vote on the Act on Engineering, its bill on stables. Although the head of majority in the Senate, John Thune, said weeks ago that the body could consider changes in the bill, he told Politico earlier this week than the amendments were less clear.
The bill should adopt without modification. Senator Ruben Gallego, an Arizona democrat, told Coindesk last week that he expected 16 democrats supporting the bill alongside a majority of Republicans, easily eliminating the procedural threshold of 60 vote for the Clot.
