🔵U.S. Senators Question Meta's Stablecoin Plans During Debate on the GENIUS Act

According to a Cointelegraph report on June 12th by DeThings, U.S. 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 previously failed Libra and Diem stablecoin projects, expressing concern that the Trump administration might grant Meta regulatory exemptions under the GENIUS Act. The letter stated: "If Meta controls its own stablecoin, it will be able to further acquire user transaction data, which could be used for targeted 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 8th that the company has any plans to issue a stablecoin.