Elizabeth Warren Slams Mark Zuckerberg Over Reported Stablecoin Ambitions, Citing 'National Security Threat' — Meta Says No Such Plans
Sen. Elizabeth Warren (D-Mass.) and Sen. Richard Blumenthal (D-Conn.) raised concerns over Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg‘s potential stablecoin revival plans.
What Happened: The Senators voiced their apprehensions to Zuckerberg in a letter on Wednesday, saying that reports of Meta’s pursuit of a stablecoin project raise “serious concerns.”
The senators are worried that if large tech companies control their own private currencies, it could threaten competition, erode financial privacy, and give control of the U.S. money supply to monopolistic platforms.
Warren and Blumenthal argued that if Meta controlled its own stablecoin, it could exploit vast amounts of consumer data for “intrusive” targeted advertising, manipulate pricing, or sell “sensitive private information” to third parties. They also warned that allowing Meta to run a private currency could pose serious money laundering, consumer protection and national security threats.
The senators have asked Zuckerberg to provide detailed information about Meta’s stablecoin ambitions, including details about a potential launch, stablecoin firms consulted, and the type of partnerships being considered. They want answers by June 17.
In response to Benzinga’s inquiry, Meta cited an earlier X post by the company’s Communications Director, Andy Stone, where he said, “There is no Meta stablecoin.”
See Also: Bitcoin, Ethereum, XRP, Dogecoin Continue To Struggle As Geopolitical Tensions Rise
Why It Matters: The scrutiny follows reports that the tech giant was consulting cryptocurrency firms to introduce stablecoins as a means to manage payouts, and has also hired a vice president of product with crypto experience to oversee the conversations.
Meta initially explored the use of cryptocurrencies in its business, specifically stablecoins, in June 2019 with Libra. However, due to regulatory issues and reputational risk, the project couldn’t take off.
Price Action: Shares of Meta were down 0.21% in after-hours trading after closing 0.11% lower at $693.36 during Thursday’s regular trading session, according to data from Benzinga Pro.
The stock scored well on Momentum, Growth and Quality metrics as of this writing. Check out Benzinga Edge Stock Rankings to see how other ‘Mag 7' stocks compare.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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