U.S. House Financial Services Committee Pressures Meta Over Crypto Plans

The United States House Financial Services Committee is urging Meta to disclose any blockchain or crypto-related plans it may have, citing five cryptocurrency and blockchain-related trademark applications still active from 2022. In a letter to Meta CEO Mark Zuckerberg and COO Javier Olivan, Committee ranking member Maxine Waters raised concerns about Meta’s intention to expand its involvement in the digital assets ecosystem based on the trademark filings. Despite Meta’s earlier statement to Democratic Financial Services Committee staff in October 2023 that there was no ongoing digital assets work, Waters pointed to the trademark applications filed on March 18, 2022. The filings cover various services related to crypto and “blockchain assets” trading, exchange, payments, transfers, wallets, and associated hardware and software infrastructure. Waters asked Meta about its response to the Notices of Allowance, whether it intends to pursue Web3, crypto, or digital wallet projects, and if it plans to launch a crypto payments platform. She also inquired about Meta’s research into stablecoins, partnerships with stablecoin projects, potential adoption of distributed ledger technology (DLT), and how its technology might facilitate crypto-related functions in its metaverse. The company has until February 15 at the earliest to respond to the first Notice of Allowance sent on August 15, 2023, and until July 16 for the latest one sent on January 16, 2024. (Source: Cointelegraph)