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U.S. Senator Sends Letter to Zuckerberg Questioning Meta's Stablecoin Plan, Describes Its Transparency as "Deeply Concerning"
BlockBeats news: On May 9, U.S. Senator Elizabeth Warren sent a letter to Meta CEO Mark Zuckerberg, requesting that he disclose Meta’s latest plans in the stablecoin sector, and expressing concern about Meta’s recent efforts to advance stablecoin payment integrations.
Warren said that Meta’s transparency regarding its stablecoin project is “deeply troubling,” especially considering that its earlier launch of Libra (later renamed Diem), a global stablecoin plan, had triggered widespread regulatory controversy. She said that Meta’s new attempts in payments and financial services should be subject to careful scrutiny.
Warren asked Meta to provide details of its stablecoin pilot program by May 20, including the go-live timeline, the third-party stablecoins involved, and the related privacy and risk-control measures. It is reported that Meta, in April, tested USDC-based stablecoin payment functionality in the Philippines and Colombia with some content creators.
At present, the U.S. Senate Committee on Banking is reviewing the digital asset market structure bill, the “CLARITY Act,” in which the stablecoin regulatory framework and issues of conflicts of interest remain key points of dispute. As a senior Democratic member of the committee, Warren has long taken a cautious stance toward large technology companies’ involvement in crypto finance.