Senate Democrats Elizabeth Warren and Richard Blumenthal have formally pressed Meta (the social media giant formerly known as Facebook) for clarity on its rumored stablecoin ambitions. In a letter dispatched Wednesday, the two lawmakers demanded a detailed account of Meta’s intentions—highlighting the company’s previous entanglements with phishing scams, alleged anti‑competitive practices, and privacy breaches. Their query surfaced amid Fortune’s report last month that Meta is reportedly exploring stablecoins as part of its payment ecosystem .
Warren and Blumenthal warn that if Meta issued its own stablecoin, it could gain even broader insight into users’ financial behavior—tracking transactions, purchase patterns, and commercial interactions. That expanded data intake could, according to the letter, supercharge “surveillance pricing” schemes, more invasive ad targeting, or the monetization of sensitive user data via sales to third‑party brokers.
The senators pressed Meta to answer a pointed set of questions: Does Meta intend to launch a proprietary stablecoin? Has the company, or any corporate affiliate, lobbied on the Senate or House versions of the GENIUS Act? Does it support or oppose amendments that would block big tech firms from owning or affiliating with stablecoin issuers?
Their letter also asked Meta to contrast its current plans with its 2019 Libra project (renamed Diem), which collapsed under unanimous bipartisan and global backlash. “The company tried to issue its own private currency in 2019—as part of the so‑called Libra stablecoin project—and was met with overwhelming bipartisan and international opposition,” they reminded Meta.
Meta has not yet responded to these queries.
Coinciding with the letter, the Senate is poised to vote on the GENIUS Act—the first stand‑alone stablecoin regulation bill—today. This landmark legislation recently passed its procedural hurdle with a 68–30 vote, clearing the way for a final floor vote. Though Senate Majority Leader John Thune had floated the possibility of amendment debate, he recently told Politico that the opportunity for changes has grown less clear.
The measure is expected to pass largely intact, with Arizona Democrat Ruben Gallego telling CoinDesk he foresees 16 Democrats supporting it alongside the Republican majority—more than enough to clear the 60‑vote threshold needed to proceed.
👉Join our Trading Community’s newsletter!👈
Finally, if you learned something, give us some love 💗 and SHARE. 🔁