Senate Democrats Elizabeth Warren and Richard Blucenthal want to explain what their stable plans are.
In a letter sent to the giant of social networks on Wednesday, legislators asked the company previously known as Facebook to detail their stablecoin ambitions and pointed to the previous reports about the problems that target has had with scams, “supposed anti -competitive behavior” and privacy problems.
Meta is considering using stablecoins for payments, Fortune reported last month.
“If Meta controlled its own stable, the company could obtain more transactions and commercial activities of consumers,” said the letter. “The massive amounts of consumer data that would ingest could help the schemes of the fuel target surveillance prices, more intrusive advertising directed or help the company monetize confidential private information through sales to third -party data corridors.”
The letter included a list of questions, even if Meta is thinking of launching its own stablcoin, whether it is affiliated with the one that is affiliated has pressed for the Senate or Chamber’s Stablecoin bill or otherwise provided comments on the bill. He also asked if Meta would go back against an amendment that would prevent large technology companies from joining or possessing a stablecoin issuer.
He also asked the company to explain how his new Stablecoin plan could differ from the Libra project (posterior DIEM) of Meta Spearting in 2019.
“The company tried to issue its own private currency in 2019, as part of the so -called Stablecoin Libra project, and found an overwhelming bipartisan and international opposition,” said the letter.
A Meta spokesman did not immediately return a request for comments.
The letter comes the same day that the Senate will vote on the Genius law, its draft Stablecoin. Although the leader of the majority of the Senate, John Thune said the body could consider the amendments to the bill, he told Politic at the beginning of this week that the path for amendments was less clear.
The bill is likely to be approved without any amendment. Senator Ruben Gallego, an Arizona Democrat, told Coindesk last week that he expected 16 Democrats to support the bill along with most Republicans, easily cleaning the 60 -voting procedure threshold for sewage.
