Prime Congress Determine Stays Pessimistic About Meta’s Re-Entry Into Crypto

• Congresswoman Maxine Waters wrote a letter to Meta executives regarding their re-entry into the crypto house.
• The letter highlighted the agency’s 5 trademark purposes relating to crypto companies and blockchain expertise.
• Contemplating Meta’s earlier troubles within the house, Waters requested for extra readability relating to their intention.

In a current letter addressed to the expertise conglomerate Meta’s CEO Mark Zuckerberg and COO Javier Olivan, Congresswoman Maxine Waters questioned the corporate’s intention relating to its potential re-entry into the crypto house.

The letter highlighted the enormous’s 5 trademark purposes submitted to america Patent and Trademark Workplace (USPTO), regarding blockchain expertise and crypto companies.

The Congresswoman’s considerations join with Meta’s earlier abandonment of its plans to ascertain crypto companies in 2022. In mid-2019, contemplating regulatory opposition, the corporate left its plan to launch the crypto-based cost platform Diem (Libra). Later in 2022, Meta offered Diem to Silvergate Capital Corp. for $200 million, stepping again from the crypto house.

Over the previous yr, Meta has submitted 5 trademark purposes, revealing the agency’s imaginative and prescient of increasing its involvement within the crypto realm. Nonetheless, ambiguities come up when this contradicts a Meta spokesperson’s assertion. Waters acknowledged,

Regardless of these trademark purposes, which point out there are particular items and companies linked with digital asset work that Meta is doing, Meta employees asserted on October 12, 2023, in communications with Democratic Monetary Companies Committee (Committee) employees that there isn’t any ongoing digital property work at Meta.

MartyParty, a outstanding voice within the blockchain house, took to X to share insights on Water’s letter and its implications for Meta’s proposal.

Waters stays pessimistic about Meta’s re-entry into the crypto economic system, particularly contemplating its previous. Waters’ conflict with Meta’s involvement with crypto started in 2019 when the agency launched its Libra proposal.

On the time, she acknowledged, “With the announcement that it plans to create a cryptocurrency, Fb is continuous its unchecked growth…  The cryptocurrency market at the moment lacks a transparent regulatory framework to offer sturdy protections for buyers, customers, and the economic system.”

Within the current letter, Waters demanded that Meta present readability relating to the filings and their intention to step into the digital house. She additionally inquired whether or not the platform envisions launching a crypto cost platform, emphasizing the necessity for transparency.