US Senators Question Meta's Stablecoin Plans During "GENIUS Act" Debate

According to Cointelegraph, US Senators Elizabeth Warren and Richard Blumenthal jointly sent a letter to Meta CEO Mark Zuckerberg, requesting clarification on the company's potential stablecoin plans. This letter of inquiry comes as the Senate is about to vote on the "GENIUS Act," which aims to regulate the payment stablecoin market.

In the letter, the two senators specifically mentioned Meta's previous failed Libra and Diem stablecoin projects, expressing concern that the Trump administration may provide Meta with regulatory exemptions under the "GENIUS Act."

The letter stated: "If Meta controls its own stablecoin, it will be able to further obtain user transaction data, which may be used for precise advertising or selling sensitive information to third-party data brokers." However, Meta's Public Relations Director Andy Stone denied on the X platform on May 8 that the company has any plans to issue a stablecoin.