CMC News

#Meta Faces Senate Questions Over #Stablecoin Plans Amid GENIUS Act Debate

Senators Elizabeth Warren and Richard Blumenthal have demanded answers from Mark Zuckerberg about Meta's potential #stablecoin development.

The lawmakers questioned Meta's influence on the pending GENIUS Act legislation that could regulate payment stablecoins.

Warren and Blumenthal raised alarm bells about Meta potentially receiving regulatory waivers under the proposed crypto bill.

The senators cited Facebook's catastrophic Libra and Diem failures as evidence of Meta's dangerous digital currency ambitions.

Reports suggest Meta is exploring stablecoin payments across Facebook, Instagram, WhatsApp, and Messenger platforms worldwide.

Lawmakers fear Meta could weaponize #stablecoin transaction data for surveillance pricing and invasive targeted advertising schemes.

The Senate Banking Committee warned against Meta's massive user base gaining access to unregulated #cryptocurrency payments.