Meta’s Cryptocurrency Agenda Under Congressional Spotlight Says Congresswoman Maxine Water

Representative Maxine Waters (D-Calif.) has expressed disapproval of Meta’s ongoing efforts to enter the cryptocurrency market. Waters wrote to COO Javier Olivan and CEO Mark Zuckerberg expressing concerns about Meta’s continued efforts to increase its market share in the digital assets space. The letter, which was sent on Monday, lists Meta’s five pending trademark applications with the U.S. Patent and Trademark Office (USPTO).

Waters’ letter emphasizes, “I write to express my concerns regarding Meta Platforms, Inc.’s filing status of five trademark applications related to various digital assets services and blockchain technology with the U.S. Patent and Trademark Office (USPTO). With its initial filings on March 18, 2022, Meta’s application submissions as of January 22 appear to represent a continued intention to expand the company’s involvement in the digital assets ecosystem.”

Meta’s Patent Portfolio and Contradictions

The letter highlights Meta’s patent portfolio, which includes applications in the digital assets space such as dating services, social media networking, and cryptocurrency trading and validation. Notably, Meta disclosed to the Financial Services Committee on October 12 that the business was not currently working on any projects pertaining to digital assets, even though these trademark registrations were still active.

This inconsistency calls into doubt Meta’s communication of its presence in the digital assets industry and its openness. Waters had previously questioned PayPal about its stablecoin, highlighting the absence of a legislative framework for regulation, monitoring, and enforcement of such assets. Waters is well-known for her prior worries about Big Tech dabbling in digital assets.

In the world of digital currencies, Meta has history that includes an unsuccessful attempt to introduce Diem, its own project, in 2019. The project was eventually shut down and sold to the now-defunct Silvergate Bank in 2022 after facing criticism from Washington and international regulators over data privacy concerns. Since then, former Diem project workers have started to create their own digital assets; Aptos and Sui are two examples of this.

Legislators and regulators continue to be focused on the changing world of digital assets and Big Tech’s position within it, especially as Meta comes under fire from Capitol Hill.