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Congresswoman Maxine Waters raised concerns over Meta’s recent trademark filings related to crypto, seeking clarification on the company’s plans in web3.
Rep. Maxine Waters (D-Calif.) sent a letter to <a href="https://crypto.news/tag/meta/" target="_blank" rel="noopener noreferrer nofollow">Meta</a> executives, seeking answers about Meta’s apparent intention to expand its involvement in the crypto ecosystem.
Waters, who serves as the top Democrat on the House Financial Services Committee, conveyed her concerns through a <a href="https://democrats-financialservices.house.gov/news/documentsingle.aspx?DocumentID=411148" target="_blank" rel="noopener noreferrer nofollow">letter</a> addressed to Meta’s top executives, including CEO Mark Zuckerberg and COO Javier Olivan. The letter delves into inquiries about Meta’s strategic direction in <a href="https://crypto.news/tag/web3/" target="_blank" rel="noopener noreferrer nofollow">web3</a> and explores its stance on <a href="https://crypto.news/tag/stablecoin/" target="_blank" rel="noopener noreferrer nofollow">stablecoin</a> initiatives following Meta’s submission of <a href="https://tsdr.uspto.gov/#caseNumber=97320155&amp;caseSearchType=US_APPLICATION&amp;caseType=DEFAULT&amp;searchType=statusSearch" target="_blank" rel="noopener noreferrer nofollow">five</a> <a href="https://tsdr.uspto.gov/#caseNumber=97320153&amp;caseSearchType=US_APPLICATION&amp;caseType=DEFAULT&amp;searchType=statusSearch" target="_blank" rel="noopener noreferrer nofollow">trademark</a> <a href="https://tsdr.uspto.gov/#caseNumber=97320146&amp;caseSearchType=US_APPLICATION&amp;caseType=DEFAULT&amp;searchType=statusSearch" target="_blank" rel="noopener noreferrer nofollow">applications</a> related to crypto and blockchain products with the U.S. Patent and Trademark Office.
<blockquote class="wp-block-quote">
 “With its initial filings on Mar. 18, 2022, Meta’s application submissions as of Jan. 22 appear to represent a continued intention to expand the company’s involvement in the digital assets ecosystem.”
 Rep. Maxine Waters
</blockquote>
As of press time, Meta has not issued any public statements on the matter. The company’s current involvement, if any, in crypto-related projects also remains uncertain. However, Waters seeks clarification on these matters, emphasizing Meta staff’s statement to U.S. authorities in October 2023, where they asserted that there was no ongoing crypto-related work at Meta.
<blockquote class="wp-block-quote">
 “Additionally, Meta staff asserted that Meta is not working with any partners on integrating stablecoins or cryptocurrency into any payments or Metaverse products, and is not pursuing research and development in the space.”
 Rep. Maxine Waters
</blockquote>
You might also like: <a href="https://crypto.news/meta-suspends-nft-feature-on-facebook-and-instagram/" rel="noopener noreferrer nofollow"> Meta suspends NFT feature on Facebook and Instagram </a>
Waters addressed lingering concerns about Meta’s plans regarding crypto, saying the House Financial Services Committee previously expressed its concerns regarding <a href="https://crypto.news/tag/facebook/" target="_blank" rel="noopener noreferrer nofollow">Facebook</a>‘s potential creation of a cryptocurrency.
Facebook first <a href="https://crypto.news/research-90-percent-americans-dont-trust-facebooks-libra/" target="_blank" rel="noopener noreferrer nofollow">announced</a> its plans to develop a cryptocurrency called <a href="https://crypto.news/tag/libra/" target="_blank" rel="noopener noreferrer nofollow">Libra</a> as well as a digital wallet dubbed Calibra in June 2019. In response to that initiative, Waters noted that Facebook “has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data,” adding that “regulators should see this as a wake-up call to get serious about the privacy and national security concerns […].”
However, the Libra project, later rebranded as <a href="https://crypto.news/tag/diem/" target="_blank" rel="noopener noreferrer nofollow">Diem</a>, <a href="https://crypto.news/meta-stablecoin-project-diem-sell-off-assets/" target="_blank" rel="noopener noreferrer nofollow">was shut down</a> in 2022 by the Diem Association following congressional hearings, regulatory scrutiny, and departures of key members. The Diem Association later sold its assets for approximately $200 million to the <a href="https://crypto.news/crypto-firms-turn-to-swiss-banks-following-signature-silvergate-collapse/" rel="noopener noreferrer nofollow">now-defunct</a> lender Silvergate Bank, citing challenges in moving forward due to feedback from federal regulators.
Read more: <a href="https://crypto.news/block-ceo-jack-dorsey-meta-diem-project/" rel="noopener noreferrer nofollow"> Block CEO Jack Dorsey criticizes Meta’s failed Diem project </a>

Meta faces pressure from Congresswoman Maxine Waters over crypto trademark filings

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