Letter from congressman to Meta: “I am concerned”

US Congresswoman Maxine Waters sent a letter to Meta CEO Mark Zuckerberg and Meta Chief Operating Officer Javier Olivan about crypto operations. In his letter, Waters stated that he was concerned about Meta's entry into digital assets and needed answers.

Waters, a Democrat from California, put Meta on his radar the other day. Waters criticized Meta's entry into crypto and the Libra stablecoin project.

Congressman expressed concern about Meta

Maxine Waters, a senior official on the House Financial Services Committee, sent a letter to Meta Platforms, formerly known as Facebook. Waters stated that he is concerned that Meta may return to its digital asset plans and is waiting for a response on this issue.

Waters criticized Meta's focus on the cryptocurrency sector, and specifically the Libra stablecoin project. Facebook had said that it planned to launch Libra, later known as Diem, in 2019. This has raised concerns about the implications of a stablecoin linked to the social media service provider.

“Meta staff has stated that the company is not currently conducting or planning any work on blockchain-based products or stablecoins,” Congressman Waters said. said. Although Waters said Meta did not conduct any work, he underlined that it had five active patents related to digital assets. Waters wants to know how Meta will move forward with digital assets and cryptocurrencies.

Waters raised questions about whether Meta plans to launch a payment platform that supports cryptocurrencies. Congresswoman Waters did not give Meta any time to respond.